The Mumbai bench of the National Company Law Tribunal (NCLT) on Tuesday adjourned the matter related to applications filed by certain lenders and creditors, against the proposed merger of media and entertainment company Zee Entertainment Enterprises Ltd (ZEE) with Culver Max Entertainment (earlier Sony Pictures Networks India), to 9 March. The matter includes petitions filed by the IndusInd Bank, Axis Finance Limited, IDBI Bank, and the Indian Performing Right Society (IPRS). TRENDING STORIES See All Premium Big Eyes Coin, Ripple, and Bitcoin in the Global Econom . . . Premium Walmart to close three tech hubs, tells tech staff to r . . . Premium Railways imparts training to over 15,000 candidates und . . . Premium Beijing urges rural officials to hire humans—not machines Counsels for ZEE maintained that the applications filed to oppose the merger were tactics being used to delay the merger completion process. They pointed out that the key regulatory and shareholder approvals have already been received; which is why these applications cannot prevent a merger from taking place. They said that the scheme has already received approval from 99. 97% of shareholders and all secured creditors, besides SEBI, Stock Exchanges, the CCI, Regional Director, and the official liquidator. Last year, IndusInd Bank had first approached the dedicated bankruptcy court against ZEE for an alleged default of Rs. 89 crore. Later, Axis Finance, a subsidiary of private sector lender Axis Bank, had first moved the Bombay High Court against Essel Group promoter Subhash Chandra and his sons Punit and Amit Goenka, seeking recovery of Rs. 61. 64 crore, and later filed an application in the NCLT. In December, another financial creditor, IDBI Bank had filed an insolvency application claiming a default of Rs. 149 crore. The bank’s purported claim arises under a debt service reserve agreement entered into by the bank and the company for the financial facility availed by Siti Networks, an Essel group entity. In January, IPRS had also filed a petition at the tribunal under the Corporate Insolvency Resolution Process (CIRP), seeking payment of over ₹ 211. 41 crore. MINT PREMIUM See All Premium Ikea price cuts show Indians prize affordability over a . . . Premium Thousands of Ukrainian soldiers are suffering with PTSD Premium IdeaForge Technology IPO: 5 things to know Premium Goldman, TVS lead $150 million investment in InsuranceDekho Earlier in December 2021, Zee and Sony had signed a definitive agreement to merge operations. As part of the proposed merger, the Japanese multinational will own 50. 86% stake in the merged entity, while the promoters of ZEE will own 3. 99% stake. Existing public shareholders in ZEE will have the remaining 45. 15% in the merged company. ABOUT THE AUTHOR Lata Jha Lata Jha covers media and entertainment for Mint. She focuses on the film, television, video and audio streaming businesses. She is a graduate of the Columbia School of Journalism. She can be found at the movies, when not writing about them. Read more from this author Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News . More Less Topics Zee Entertainment Enterprises PRF OPEN IN APP.