IDBI Bank has challenged the NCLT order by the Mumbai bench, approving the merger of Sony Pictures with Zee Entertainment, the company announced through an exchange filing.
In the regulatory filing, Zee Entertainment said, "it has been served with an appeal on behalf of IDBI". The case will be heard before the NCLAT and the appeal challenges the scheme of arrangement amongst Zee Entertainment Enterprises, Bangla Entertainment Private Limited Culver Max Entertainment Private Limited (formerly known as Sony Pictures Networks India Private Limited).
IDBI-Zee Case
The NCLAT (National Company Law Appellate Tribunal) earlier had agreed to hear a plea by IDBI Bank that is seeking insolvency proceedings against Zee entertainment on August 31. This comes days after NCLT (National Company Law Tribunal) dismissed all objections in the merger case and approved the merger of Zee Entertainment and Sony India.
The case is regarding the lender's insolvency plea against zee entertainment.
IDBI Bank has filed an application under section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor, before NCLT for initiation of Corporate Insolvency Resolution Process against the company.
Zee shares
The shares of IDBI Bank on Tuesday afternoon closed at Rs 70.90 by 9.09 percent.
