Zee-Sony merger: IDBI Bank files appeal against NCLT order

MUMBAI: IDBI Financial institution has moved the appellate tribunal to problem the Nationwide Firm Legislation Tribunal’s approval for Sony-Zee merger, a transfer that would delay the big-ticket deal that has been accredited by inventory exchanges and the Competitors Fee of India.

In a disclosure to the inventory exchanges, Zee Leisure Enterprise Ltd (ZEEL) mentioned the corporate has been served with an enchantment on behalf of IDBI Financial institution earlier than the Nationwide Firm Legislation Appellate Tribunal (NCLAT).

The lender has challenged NCLT order on August 10 granting approval to the composite scheme between ZEEL, Culver Max Leisure (Sony), and Bangla Leisure, a subsidiary of Sony, which might create a $10-billion media large.

Final month, NCLAT had admitted IDBI Financial institution’s petition to provoke insolvency proceedings towards ZEEL over unpaid dues of Rs 150 crore. The appellate tribunal has listed that matter for listening to on October 11.
“Within the objection to a scheme, the objectors in addition to the tribunal have a restricted function and scope,” mentioned Ashish Pyasi, affiliate companion at legislation agency Dhir & Dhir Associates, mentioning that NCLT had rejected IDBI Financial institution’s objection because it discovered that “the debt is disputed”.