Axis Finance, IDBI Bank & IDBI Trusteeship withdraw petitions against Zee-Sony merger at NCLAT: Report

IDBI Bank and Axis Finance had challenged the August 10, 2023, order of the Mumbai bench of the NCLT. NCLT in its approval order had dismissed some applications moved by financial institutions opposing the move, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co, and Imax Corp. Axis Finance, IDBI Bank & IDBI Trusteeship Services have withdrawn their petitions before the appellate tribunal National Company Law Appellate Tribunal (NCLAT) filed against the NCLT order approving the merger of Zee Entertainment with Sony Pictures Networks India. The NCLAT allowed the withdrawal of the petitions noting that the National Company Law Tribunal (NCLT) earlier this month had already recalled its earlier order of August 10, 2023, approving the merger of Zee Entertainment with Sony Pictures Networks India.