Sapphire Media's insolvency resolution plan for Big 92.7 FM accepted

7 May 2024 , 01:47 PM

The National Company Law Tribunal (NCLT) Mumbai bench has accepted Sapphire Media’s resolution plan for Reliance Broadcast Network’s FM radio station, Big 92.7 FM.

In accordance with the arrangement, Sapphire Media would reimburse operational and secured creditors for ₹261 Crore, while the total amount of claims is ₹947.5 Crore.

In its judgement dated May 6, the NCLT Bench, which is composed of judicial member Reeta Kohli and technical member Madhu Sinha, approved the resolution plan that Sapphire Media Limited had filed.

The application for interlocutory order is accepted. This approves the resolution plan that Sapphire Media Limited provided. It will become operative on this date and be incorporated into this order, the bench declared in its ruling.

Since February 2023, Reliance Broadcast Network, the owner of Big FM, has been going through the insolvency procedure. Under the Insolvency and Bankruptcy Code of 2016, the Corporate Insolvency Resolution Process (CIRP) was started, and Rohit Mehra was designated as the resolution professional.

A committee of Big FM’s creditors was also constituted, and on November 11, 2023, the committee approved Sapphire Media Limited’s resolution plan with an 88.97% voting share in compliance with the Insolvency and Bankruptcy Code.

Subsequently, the resolution specialist applied to NCLT Mumbai to have Sapphire Media Limited’s resolution plan approved.

The monitoring committee was also instructed by the NCLT order to oversee the resolution plan’s execution and periodically report to it on how it was going.

Large 92.7 FM With 58 stations and a reach of more than 1,200 towns and 50,000+ villages, Sapphire Media is the largest radio network in the nation. This brand will strengthen Sapphire Media’s nationwide presence.

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