These five appeals arise from the Corporate Insolvency Resolution Process (CIRP) of Reliance Broadcast Network Limited. The unsuccessful Resolution Applicants, including Abhijit Realtors & Infraventure Pvt. Ltd. and Creative Channel Advertising & Marketing Pvt. Ltd., challenged the orders passed by the National Company Law Tribunal, Mumbai Bench, dated 06.05.2024, in various IAs. The Adjudicating Authority approved the Resolution Plan submitted by Sapphire Media Ltd. (Respondent No.3). The appeals challenge the approval of the resolution plan and the rejection of objections raised by the appellants regarding irregularities in the challenge process and the eligibility of the Successful Resolution Applicant (SRA).
Reliance Broadcast Network Limited was admitted into CIRP following an application by IDBI Trusteeship Services Ltd. The RP issued Form-G, inviting Expressions of Interest (EoI). Abhijit Realtors & Infraventure Pvt. Ltd. and Creative Channel Advertising & Marketing Pvt. Ltd. submitted Eols. Six Resolution Plans were received. Abhijit Realtors & Infraventure Pvt. Ltd. bid Rs.80.20 crores, Creative Channel Advertising & Marketing Pvt. Ltd. bid Rs.100 crores, Entertainment Network (India) Limited (“ENIL”) bid Rs.37.17 crores, and Sapphire Media Ltd. bid Rs.104.28 crores. The CoC decided to hold a Challenge Process. On 12.10.2023, the RP issued a Challenge Process Document. The base price was INR 240 crores. On 27.10.2023, the 10th CoC Meeting Challenge
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Reliance Broadcast Network Limited was…
The RP issued Form-G…
These five appeals arise from the Corporate Insolvency Resolution Process (CIRP) of Reliance Broadcast Network Limited. The unsuccessful Resolution Applicants, including Abhijit Realtors & Infraventure Pvt. Ltd. and Creative Channel Advertising & Marketing Pvt. Ltd., challenged the orders passed by the National Company Law Tribunal, Mumbai Bench, dated 06.05.2024, in various IAs. The Adjudicating Authority approved the Resolution Plan submitted by Sapphire Media Ltd. (Respondent No.3). The appeals challenge the approval of the resolution plan and the rejection of objections raised by the appellants regarding irregularities in the challenge process and the eligibility of the Successful Resolution Applicant (SRA).
Reliance Broadcast Network Limited was admitted into CIRP following an application by IDBI Trusteeship Services Ltd. The RP issued Form-G, inviting Expressions of Interest (EoI). Abhijit Realtors & Infraventure Pvt. Ltd. and Creative Channel Advertising & Marketing Pvt. Ltd. submitted Eols. Six Resolution Plans were received. Abhijit Realtors & Infraventure Pvt. Ltd. bid Rs.80.20 crores, Creative Channel Advertising & Marketing Pvt. Ltd. bid Rs.100 crores, Entertainment Network (India) Limited (“ENIL”) bid Rs.37.17 crores, and Sapphire Media Ltd. bid Rs.104.28 crores. The CoC decided to hold a Challenge Process. On 12.10.2023, the RP issued a Challenge Process Document. The base price was INR 240 crores. On 27.10.2023, the 10th CoC Meeting Challenge
…Reliance Broadcast Network Limited was…
The RP issued Form-G…