Despite the impending closure of the Zee-Sony merger, the associated legal cases continue to linger. On Wednesday, December 6, the National Company Law Appellate Tribunal (NCLAT) postponed the hearing of appeals filed by Axis Finance and IDBI Bank challenging the National Company Law Tribunal (NCLT) approval of the Zee Entertainment Enterprises Limited (ZEEL) and Culver Max Entertainment $10 billion merger. The new hearing date is now set for December 15.
Additional Solicitor General Venkatraman, who is representing IDBI Bank proposed an expedited schedule, whereas Zee Entertainment Enterprises Limited (ZEEL) advocates Abhishek Manu Singhvi and Mukul Rohatgi requested a postponement to January.
On October 31, the National Company Law Appellate Tribunal (NCLAT) reassigned the appeals lodged by Axis Finance and IDBI Bank, challenging the National Company Law Tribunal’s (NCLT) approval of the Zee-Sony merger, to the bench presided over by the Chairperson.
As per the bench, since the Chairperson-led panel was already overseeing IDBI’s insolvency plea against Zee Entertainment Enterprises Limited (ZEEL), it was fitting for the same bench to handle these appeals.