The Mumbai bench of the National Company Law Tribunal (NCLT) has greenlit Sapphire Media’s resolution plan for Reliance Broadcast Network’s FM radio entity, Big 92.7 FM. This decision arrives amidst Sapphire Media’s commitment to pay Rs. 261 crore to secured and operational creditors, addressing claims totaling Rs. 947.5 crore.
Track your NCLT / NCLAT cases or orders in your apple iOS / Google Android smartphones. Available for free trial period of 15 days.
In its order dated May 6, the NCLT bench, comprising technical member Madhu Sinha and judicial member Reeta Kohli, endorsed Sapphire Media Limited’s resolution plan. The plan’s efficacy commences immediately, integrated into the tribunal’s directive.
Reliance Broadcast Network’s Big FM underwent insolvency proceedings starting February 2023, overseen by appointed resolution professional Rohit Mehra. A committee of creditors ratified Sapphire Media Limited’s resolution proposal on November 11, 2023, securing an overwhelming 88.97% voting share.
The resolution professional subsequently petitioned NCLT Mumbai for approval of Sapphire Media Limited’s plan. The tribunal’s directive extends to the monitoring committee, tasked with overseeing the resolution plan’s implementation and regularly updating the tribunal on its progress.
Big 92.7 FM, a robust radio network encompassing 58 stations and reaching over 1,200 towns and 50,000+ villages nationwide, stands poised to fortify Sapphire Media’s extensive footprint across India.
