IDBI-ZEEL Case: NCLAT on Thursday agreed to hear a plea by IDBI Bank that is seeking insolvency proceedings against Zee Entertainment.
No notice has been issued to ZEEL and IDBI has now sought a week’s time to file additional documents. The next date of hearing is on August 31.
This comes after National Company Law Tribunal (NCLT), earlier this month, approved the merger between an Indian unit of Japan’s Sony and India’s Zee Entertainment , granting a key regulatory approval in the merger, which was announced in 2021 but has been delayed for multiple reasons.
The NCLT had initially reserved its verdict on the merger between Zee Entertainment Enterprises and Culver Max Entertainment (previously known as Sony Pictures Networks India) on July 10.
In May 2023, the NCLT’s Mumbai bench refused to entertain IDBI’s plea noting that it was barred under Section 10A of the Insolvency and Bankruptcy Code (IBC).
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