NCLAT Adjourns Hearing Of IDBI Bank’s Appeal Against Approval

However, the merger process encountered delays primarily due to objections raised by Essel Group creditors, including Axis Finance Ltd., JC Flowers Asset Reconstruction Co., IDBI Bank, IDBI Trusteeship Ltd., and Imax Corp.

The primary point of contention centred around a non-compete clause outlined in the scheme. This clause stated that Essel Mauritius, which is an Essel Group company, was entitled to receive Rs 1,100 crore as non-compete fees from SPE Mauritius, a company within Sony Group. 

In return, Subhash Chandra, the chairperson of Essel Group, agreed not to compete with the resulting entity formed as a result of the merger between Zee and Sony.

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