The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the resolution plan of Sapphire Media Limited for the iconic radio network Big 92.7 FM, owned by Reliance Broadcast Network Limited.
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 Limited, was going through the insolvency process since Feb 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. As per the plan, Sapphire Media Limited will pay Rs. 261 crores to secured and operational creditors as against the total claims of Rs. 947.5 crore.
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 acquisition by Sapphire Media Limited is expected to inject fresh energy into Big FM. As the country’s largest radio network with 58 stations and a reach of over 1,200 towns and 50,000+ villages, the brand will reinforce Sapphire Media Limited’s pan-India presence.
