It’s A Wonderful Life Sequel: The Battle For The Rights Of The All Time Holiday Classic Film – ‘No Project Can Proceed Without A License From Paramount,’ Says Paramount Studios

It's A Wonderful Life Sequel development is facing some major backlash from Paramount Studios.

It has been reported that Paramount would not be giving its blessing to create a follow-up film on the classic movie.

Hummingbird Productions and Star Partners announced on Monday that it is planning to produce a sequel to Frank Capra's original, which will be entitled, "It's a Wonderful Life: The Rest of the Story."

The original film features James Stewart playing the role of George Bailey, a distressed father, who was assigned with an angel to open his eyes and see what life would have been without him. The film was set on Christmas Eve and has since become a holiday classic.

Bob Farnsworth, president of Hummingbird Productions based on Nashville, Tenn., revealed on Variety that the planned "It's a Wonderful Life" sequel will be release in 2015 and would feature the return of Karolyn Grimes, the actress who portrayed the role of Bailey's daughter Zuzu on the original movie.

The creators of the sequel are said to be focusing on Bailey's grandson. Karolyn Grimes, who was well-known for throwing the legendary line "Every time a bell rings, an angel gets his wings!" in the original film, would be playing an angel in the sequel.

These plans however will have to go through some major setback as Paramount Studios are planning to take legal actions for the follow-up of the 1946 holiday classic.

"No project relating to 'It's A Wonderful Life' can proceed without a license from Paramount," the company said in a statement. "To date, these individuals have not obtained any of the necessary rights, and we would take all appropriate steps to protect those rights."

Star Partners and Farnsworth president Allen J. Schawalb was not easily available to provide an answer to Paramount's statement. However, in an earlier statement to The Hollywood Reporter the company said that the property rights to the classic film were in public domain.

"It's a Wonderful Life is about showing a good guy can win," Farnsworth said.

A copyright of the film that was lapsed made it possible for it to be broadcasted on TV during the Christmas seasons of 1970's and 80's.

Nevertheless, Paramount is said to have control over the rights of the film for the past 14 years, right after the company acquired Republic Pictures as part of acquiring Spelling Entertainment in 1999.

The son of the original director of the film, Frank Capra, told the Associated Press that his father would have reckoned the planned sequel "ludicrous," saying:

"Why would you even attempt to make a sequel to such a classic film?"