The National Company Law Appellate Tribunal (NCLAT) on Friday refused to grant any temporary stay on the merger of Zee Entertainment Enterprises Ltd. (ZEEL) with Culver Max Entertainment, a Sony Group entity.

The appellate tribunal was hearing two separate appeals filed by Axis Finance Ltd. and IDBI Bank to stay the merger between Zeen Entertainment with Sony Group’s entities.

The division bench of Justice Ashok Bhushan and technical member Arun Baroka, while allowing Zee Entertainment time to file its reply in both the appeals has adjourned the cast to January 8.

In the case, Senior Counsels Mukul Rohgati and Arun Kathpalia along with Nitesh Jain of law firm Trilegal are appearing for Zee Entertainment. While Nishit Dhruva, managing partner of law firm MDP & Partners is representing Axis Finance and Senior Counsel Venkatraman and advocate Diwakar Maheshari are appearing for the IDBI Bank.

In September, Axis Finance filed an appeal against the National Company Law Tribunal’s (NCLT) order clearing the merger of Zee Entertainment Enterprises Ltd. with Sony’s Indian subsidiary Culver Max Entertainment Private Ltd.

IDBI Bank had approached the Mumbai NCLT to initiate corporate insolvency resolution process (CIRP) against the company, claiming a default of about 150 crore rupees ($18 million). However, the plea was dismissed by the tribunal.