NCLAT Upholds Sapphire Media's Bid for Reliance Broadcast Network
NCLAT Dismisses Appeals, Upholds Sapphire Media's Rs 261 Crore Bid for Reliance Broadcast Network's Big 92.7 FM Resolution Amid Alleged Process Irregularities
sheetal
The National Company Law Appellate Tribunal (NCLAT) has dismissed multiple appeals challenging the approval of Sapphire Media's resolution plan for Reliance Broadcast Network by the National Company Law Tribunal (NCLT), Mumbai.
Reliance Broadcast Network, which operates the Big 92.7 FM radio brand, underwent a Corporate Insolvency Resolution Process (CIRP) initiated on February 24, 2023, following an application by IDBI Trusteeship Services. During the CIRP, several bids were submitted, with Sapphire Media offering the highest bid of Rs 261 crore, securing 88.97% approval from the Committee of Creditors (CoC).
Unsuccessful applicants, Abhijit Realtors & Infraventure and Creative Channel Advertising & Marketing, filed five appeals alleging irregularities in the process. However, the NCLAT upheld the NCLT’s decision, stating that the resolution professional adhered to the CIRP Regulations and Process Note.
The tribunal found no irregularities in Sapphire Media's eligibility or the challenge mechanism, concluding that there was no valid ground to overturn the approval of the resolution plan.
