NCLT Approves to Sapphire Media Limited’s Resolution Plan for Big 92.7 FM Acquisition

Sapphire Media Limited logo

Three points you will get to know in this article:

  • NCLT Mumbai approves Sapphire Media’s acquisition of Big FM.
  • Resolution plan endorsed after creditors’ committee approval.
  • Landmark decision mandates monitoring committee for oversight.

NCLT Approval: A Turning Point in Big 92.7 FM's Resolution Journey

The Mumbai bench of the National Company Law Tribunal (NCLT) has recently granted approval to Sapphire Media Limited’s resolution plan for the acquisition of Big 92.7 FM, a prominent radio network previously owned by Reliance Broadcast Network Limited. This decision marks a significant development in the ongoing insolvency proceedings surrounding Big FM, offering a glimpse into the future of this iconic brand under new ownership.

Under the leadership of technical member Madhu Sinha and judicial member Reeta Kohli, the NCLT Bench meticulously reviewed Sapphire Media Limited’s proposal and rendered its verdict on May 6. The approval comes as a pivotal moment in the resolution process, signaling a positive step forward for both the radio industry and the stakeholders involved.

Big FM’s journey through insolvency commenced in February 2023, triggering the initiation of the Corporate Insolvency Resolution Process (CIRP) under the purview of the Insolvency and Bankruptcy Code of 2016. Spearheaded by resolution professional Rohit Mehra, the proceedings navigated through various stages, ultimately culminating in the acceptance of Sapphire Media Limited’s resolution plan.

Sapphire Media Limited's Vision: Energizing Big FM's Future

Central to this resolution was the formation of a creditors’ committee tasked with evaluating proposed plans and safeguarding the interests of stakeholders. In a decisive move on November 11, 2023, the creditors’ committee overwhelmingly endorsed Sapphire Media Limited’s resolution plan, underscoring its viability and potential to address the financial complexities surrounding Big FM.

Following the committee’s endorsement, the resolution professional diligently pursued the necessary approvals, culminating in the submission of an application to the NCLT Mumbai. This application sought the tribunal’s validation of Sapphire Media Limited’s resolution plan, outlining key provisions such as the proposed compensation to secured and operational creditors.

In a landmark decision, the NCLT not only approved Sapphire Media Limited’s resolution plan but also mandated a monitoring committee to oversee its implementation. This directive underscores the tribunal’s commitment to ensuring transparency and accountability throughout the resolution process, safeguarding the interests of all stakeholders involved.

Looking ahead, Sapphire Media Limited’s acquisition of Big FM holds promise for injecting renewed vitality into the iconic radio network. With its extensive reach spanning 58 stations across the country, encompassing over 1,200 towns and more than 50,000 villages, Big FM stands poised to reinforce Sapphire Media Limited’s pan-India presence, ushering in a new era of growth and innovation in the radio broadcasting landscape.

To sum it up, the NCLT’s approval of Sapphire Media Limited’s resolution plan heralds a new chapter for Big 92.7 FM, paving the way for a seamless transition under new ownership and signaling a bright future ahead for this beloved brand in the realm of radio broadcasting.

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