SC to hear IDBI Trusteeship plea against Zee-Sony merger
The matter will be heard after four weeks, a bench led by Chief Justice DY Chandrachud has said
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Published: Dec 12, 2023 10:51 AM | 1 min read
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The Supreme Court has sent notices to two ZEEL promoter companies as it has agreed to hear a plea filed by IDBI Trusteeship Services regarding the insolvency proceedings.
The matter will be heard after four weeks, a bench led by Chief Justice DY Chandrachud has said, media networks reported. The promoter companies are required to reply to the SC notice within this period.
On December 4, IDBI Trusteeship Services moved NCLAT against the merger.
In September, IDBI Bank challenged the NCLT approving the merger scheme worked out between Zee and Sony.
IDBI Trusteeship Services has claimed that Subhash Chandra executed a personal guarantee in 2019 in favour of IDBI trusteeship guaranteeing the repayment obligations towards the debentures. However, Chandra failed to comply with this obligations, the trusteeship has said.
ZEEL has opposed this contending "IDBI Trusteeship is admittedly not a creditor of Zee and so it has no right to object to the merger."
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