MUMBAI: It’s a big - actually Big 92.7 FM -  win for Haryana-outdoor firm and Indian Daily TV channel  owner Sapphire Media. It has got a favorable order from the National Company Law Appellate Tribunal (NCLAT) for it to acquire the Reliance Broadcast Network run radio network Big FM 92.7.

The principal bench of the NCLAT, Delhi on Monday dismissed the plea filed by Radio Mirchi, Orange FM and others against the NCLT judgement which approved the resolution plan of Sapphire Media for Big 92.7 FM.

The NCLAT Bench comprising chairperson  justice Ashok Bhushan and (technical) member Barun Mitra in its order today said that "in view of the foregoing discussions and conclusions, we do not find any ground to interfere in the order of NCLT dated 06.05.2024 impugned in the above appeals. In result, all the appeals are dismissed.”

Earlier, the NCLT bench comprising technical member Madhu Sinha and judicial member Reeta Kohli had approved the resolution plan submitted by Sapphire Media in its order dated 6 May  2024. As per the plan, Sapphire Media would  pay Rs 261 crore to secured and operational creditors against the total claims of Rs 947.5 crore.

The resolution professional subsequently filed an application with NCLT Mumbai seeking approval of Sapphire Media’s resolution plan.

Big FM 92.7 FM , owned by Reliance Broadcast Network, has been going through the insolvency process since February 2023.. It is the country’s largest radio network with 58 stations and a reach of over 1,200 towns and 50,000+ villages will reinforce Sapphire Media’s aggressive expansions plans in the media space.

Sapphire Media is promoted by Aditya Vashistha and Kaithal-based businessman Sahil Mangla. Sapphire media runs a national Hindi news channel in name of India Daily and is one of the biggest outdoor advertising companies in India.