New Delhi: The future of popular radio station Big 92.7 FM is secured after the National Company Law Tribunal (NCLT) Mumbai approved Sapphire Medias resolution plan. This marks a significant development in the insolvency process initiated for Big FMs owner, Reliance Broadcast Network, in February 2023.Resolving insolvency: Sapphire Media steps inThe NCLT bench, led by judicial member Reeta Kohli and technical member Madhu Sinha, officially greenlit Sapphire Medias plan on May 6th, 2024. This plan outlines the payment of Rs. 261 crore to secured and operational creditors, although the total claims amounted to Rs. 947.5 crore.A long road to resolutionThe insolvency process began in February 2023 under the Insolvency and Bankruptcy Code (IBC) of 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated, with Rohit Mehra appointed as the resolution professional. A creditors committee was also formed, and on November 11th, 2023, they overwhelmingly approved Sapphire Medias resolution plan with a voting share of 88.97%.The road ahead: Implementation and oversightFollowing the NCLTs approval, the resolution professional submitted a formal application seeking finalization of Sapphire Medias plan. The NCLT order also established a monitoring committee tasked with overseeing the plans implementation and periodically reporting on its progress.Big 92.7 FM: A strategic acquisitionThe acquisition of Big 92.7 FM by Sapphire Media strengthens their media footprint across India. Big 92.7 FM, as part of the countrys largest radio network (Big FM) with 58 stations reaching over 1200 towns and 50,000+ villages, presents a strategic advantage for Sapphire Medias national ambitions.
