NCLAT rejects petitions challenging Sapphire Media's acquisition of Big FM

The NCLAT has upheld the Sapphire Media resolution plan submitted for Reliance Broadcast Network Limited (RBNL), owner of Big FM, rejecting two petitions challenging the process. 

The unsuccessful bidders, Abhijit Realtors & Infraventures and Creative Channel Advertising, filed appeals alleging irregularities in the Corporate Insolvency Resolution Process (CIRP).

The NCLAT, chaired by Justice (retd) Ashok Bhushan, dismissed the claims, stating that the Resolution Professional followed proper procedures under CIRP regulations. 

Sapphire’s bid of ₹261 crore was approved by the Committee of Creditors with an 88.97% majority in November 2023.