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NCLT Approval: Sapphire Media’s Acquisition of Big 92.7 FM

The National Company Law Tribunal (NCLT) Mumbai has sanctioned Sapphire Media’s acquisition plan for Reliance Broadcast Network’s Big 92.7 FM. This approval follows a resolution process initiated in February 2023 under the Insolvency and Bankruptcy Code.

Resolution Plan Details

Sapphire Media’s resolution plan, greenlit by 88.97% of Reliance Broadcast Network’s creditors’ committee, entails a payment of Rs. 261 crore ($31 million) against admitted liabilities totaling Rs. 947.59 crore.

Tribunal Verdict

The Mumbai bench of NCLT, comprising Judicial Member Reeta Kohli and Technical Member Madhu Sinha, found the resolution plan compliant with the law and aligned with stakeholders’ interests. Hence, it was approved on May 6.

Payment Distribution

The plan allocates Rs. 255 crore to secured financial creditors against their Rs. 578.35 crore liabilities. However, unsecured financial creditors will not receive payouts despite their Rs. 347.47 crore claim. Operational creditors will be paid Rs. 6 crore against their Rs. 21.77 crore liabilities.


Reliance Broadcast Network, owner of Big FM, entered corporate insolvency resolution in February 2023 due to a default of approximately Rs. 174 crore claimed by IDBI Trusteeship Services Ltd. on behalf of debenture holder L&T Investment Management Ltd. Big FM, with 58 stations, serves over 1,200 towns and 50,000 villages.

Financial Context

At the time of valuation, the average fair value of Reliance Broadcast Network was Rs. 237.8 crore, with an average liquidation value of Rs. 189.4 crore.

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