The National Company Law Tribunal (NCLT) has been challenged by IDBI Bank over its order that approved the mega merge between Zee Entertainment Enterprise Ltd and Culver Max Entertainment, formerly known as Sony Pictures Network India.

Zee Entertainment informed the bourses that an appeal had been filed against the NCLT order by the state-run lender, IDBI Bank, before the Delhi bench of the National Company Law Appellate Tribunal.

In the order issued on 10 August, the Mumbai bench of NCLT has approved the $10 billion mega merge between Zee and Culver Max after dismissing the objections raised by lenders, including IDBI Bank, Axis Finance, IDBI Trusteeship, Imax Corp, and JC Flowers Asset Reconstruction Co.

The Zee-Sony merger was first announced in December 2021.

Zee CEO Punit Goenka said that the Zee-Sony merger will hold immense significance.

Earlier, Punit Goenka was barred by SEBI (Securities and Exchange Board of India) from holding any managerial positions.