The Mumbai bench of the National Company Law Tribunal ( NCLT ) has approved the resolution plan of Sapphire Media for Reliance Broadcast Network’s FM radio business, Big 92.7 FM.
Big FM, owned by Reliance Broadcast Network, has been going through the insolvency process since February 2023. The Corporate Insolvency Resolution Process ( CIRP ) was initiated under the Insolvency and Bankruptcy Code of 2016, and Rohit Mehra was appointed as the resolution professional.
A committee of creditors of Big FM was also appointed, which approved Sapphire Media Limited’s resolution plan on November 11, 2023, with a voting share of 88.97% in accordance with the provisions of the Insolvency and Bankruptcy Code. The resolution professional subsequently filed an application with NCLT Mumbai seeking approval of Sapphire Media Limited’s resolution plan.
The NCLT order also directed the monitoring committee to supervise the implementation of the resolution plan and file the status of its implementation before it from time to time.
The two member bench comprising technical member Madhu Sinha and judicial member Reeta Kohli, approved the resolution plan submitted by Sapphire Media Limited. As per the plan, Sapphire Media will pay Rs. 261 crore to secured and operational creditors as against the total claims of Rs. 947.5 crore.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
