NCLAT Upholds Sapphire Media's Bid for Reliance Broadcast Network

The National Company Law Appellate Tribunal (NCLAT) has dismissed challenges against the approval of Sapphire Media's bid for Reliance Broadcast Network Ltd. The tribunal upheld the NCLT's decision, confirming the legality of the resolution plan process, and dismissed allegations of irregularity in the procedure.

The National Company Law Appellate Tribunal (NCLAT) on Monday rejected a series of appeals challenging the approval of Sapphire Media's bid for Reliance Broadcast Network Ltd. The appeals were dismissed, upholding the earlier decision by the National Company Law Tribunal (NCLT).

The Mumbai Bench of the NCLT had, on May 6, 2024, approved Sapphire Media's resolution plan for Reliance Broadcast, a company mainly operating in the FM radio sector under the Big 92.7 FM brand. Unsuccessful bidders, including Abhijit Realtors & Infraventure, filed appeals questioning the process, alleging procedural irregularities.

The appellate tribunal confirmed that the resolution professional followed the stipulated regulations, finding no grounds to challenge the eligibility and process of the winning bid. The Corporate Insolvency Resolution Process was meticulously scrutinized and ultimately led to Sapphire Media's victorious bid being upheld.

(With inputs from agencies.)