Insolvency Resolution: NCLAT junks pleas against Sapphire Media's IBC plan for Reliance Broadcast
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Insolvency Resolution

NCLAT junks pleas against Sapphire Media's IBC plan for Reliance Broadcast

The National Company Law Appellate Tribunal Monday rejected petitions filed by Abhijit Realtors & Infraventures Pvt. Ltd., Creative Channel Advertising & Marketing Pvt. Ltd., and others against Sapphire Media Ltd.'s resolution plan for debt-ridden Reliance Broadcast Network Ltd., the owner of BIG FM, one of India's largest radio networks with 58 stations. The appellate tribunal said that the petitioners' claim that Sapphire Media was an "ineligible" applicant in the insolvency process of Reliance Broadcast did not hold.

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