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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.
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, The Economic Times said in a report yesterday.
The NCLT Bench, comprising technical member Madhu Sinha and judicial member Reeta Kohli, approved the resolution plan submitted by Sapphire Media Limited in its order dated May 6.
“The interlocutory application is allowed. The resolution plan submitted by Sapphire Media Limited is hereby approved. It shall become effective from this date and shall form part of this order,” the bench said in its order.
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, the ET report added.
