If leave to appeal is granted, it would have major ramifications for negotiations between Terra Firma and Citi, which holds EMI's debt, meaning the saga between the two companies could continue for a number of years.

Terra lost its court action against Citi last November after a jury ruled that Citigroup did not trick the firm into buying the music company at an inflated price.

A statement from Terra Firma reads, "Boies, Schiller and Flexner, on behalf of Terra Firma, ...