Creditors withdraw appeals against NCLT approval of Zee-Sony merger
The NCLAT permitted the withdrawal, noting that the NCLT had already rescinded its August 10, 2023, order approving the $10 billion merger
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Published: Sep 23, 2024 11:55 AM | 1 min read
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Axis Finance, IDBI Bank, and IDBI Trusteeship Services have withdrawn their appeals from the National Company Law Appellate Tribunal (NCLAT), challenging the National Company Law Tribunal's (NCLT) order approving the merger of Zee Entertainment Enterprises Ltd. (ZEEL) with Sony Pictures Networks India (now Culver Max Entertainment Pvt Ltd).
The NCLAT permitted the withdrawal, noting that the NCLT had already rescinded its August 10, 2023, order approving the $10 billion merger. The creditors had originally filed the appeals in October last year after the NCLT gave its nod to the merger.
"Learned counsel for the appellants submit that the NCLT has already withdrawn the Merger Scheme. Hence, the appellants pray to be permitted to withdraw the appeals. Prayer is allowed, and appeals are dismissed as withdrawn," ruled the bench, led by NCLAT Chairperson Justice Ashok Bhushan and Member Barun Mitra.
These creditors had also initiated insolvency proceedings against ZEEL, alleging the company’s failure to repay significant loans. They objected to the merger when it was approved by the NCLT and subsequently filed appeals before the NCLAT to challenge the decision.
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