The National Company Law Appellate Tribunal (NCLAT) on Thursday agreed to hear the plea by IDBI Bank on 31 August, seeking insolvency proceedings against Zee Entertainment to recover dues of ₹149.6 crore.
On 20 July, IDBI Bank moved the National Company Law Appellate Tribunal (NCLAT), challenging an National Company Law Tribunal’s order of 19 May, that rejected IDBI’s plea to initiate insolvency proceedingsagainst Zee Entertainment Enterprises.
Last week, the NCLT approved ZEE’s merger with Sony Pictures (Culver Max Entertainment), paving way for one of India’s largest merger in the media and entertainment space. Various financial and operational creditors including IndusInd bank, IDBI bank, JC Flower ARC had opposed the merger.
However, Justice H. V. Subba Rao dismissed all objections in the merger case and approved the merger of Zee Entertainment and Sony India.