The case involves two applications, I.A. 290 of 2024 and I.A. 614 of 2024, filed in CP (IB) No. 310 of 2022. I.A. 290 was filed by Creative Channel Advertising & Marketing Private Limited, an unsuccessful resolution applicant, seeking to declare Sapphire Media Limited (SRA) ineligible to submit a resolution plan and to dismiss I.A. No. 5391/2023 filed by the Resolution Professional (RP) for approval of the resolution plan. I.A. 614 was filed by Abhijit Realtor & Infraventures Pvt. Ltd. and Entertainment Network (India) Ltd, also unsuccessful resolution applicants, seeking to set aside the decision of the Committee of Creditors (CoC) approving the resolution plan of SRA and to direct the RP to re-commence the entire process. Both applications challenge the
…1. On 24th February 2023, CIRP was initiated against the Corporate Debtor.
2. On 14th April 2023, the Resolution Professional (RP) issued an Expression of Interest (EoI) via Form-G.
3. The RP published a Detailed Invitation for EoI on the website.
4. On 15th June 2023, the RP issued the Request for Resolution Plans (RFRP).
5. The open challenge mechanism was completed on 27th October 2023, but the Applicant refrained from participating.
6. In the 11th CoC meeting, the Applicant submitted a Resolution Plan amounting to INR 240 Crores.
7. On 16th November 2023, Sapphire Media Limited (SRA) was declared the Successful Resolution Applicant (SRA) with 88.97% voting share.
8. The RP filed I.A. No. 5391/2023 seeking approval of the resolution plan.
9. Abhijit Realtors &
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The Hon'ble Tribunal…
Respondent No. 1 issued…
The case involves two applications, I.A. 290 of 2024 and I.A. 614 of 2024, filed in CP (IB) No. 310 of 2022. I.A. 290 was filed by Creative Channel Advertising & Marketing Private Limited, an unsuccessful resolution applicant, seeking to declare Sapphire Media Limited (SRA) ineligible to submit a resolution plan and to dismiss I.A. No. 5391/2023 filed by the Resolution Professional (RP) for approval of the resolution plan. I.A. 614 was filed by Abhijit Realtor & Infraventures Pvt. Ltd. and Entertainment Network (India) Ltd, also unsuccessful resolution applicants, seeking to set aside the decision of the Committee of Creditors (CoC) approving the resolution plan of SRA and to direct the RP to re-commence the entire process. Both applications challenge the
…1. On 24th February 2023, CIRP was initiated against the Corporate Debtor.
2. On 14th April 2023, the Resolution Professional (RP) issued an Expression of Interest (EoI) via Form-G.
3. The RP published a Detailed Invitation for EoI on the website.
4. On 15th June 2023, the RP issued the Request for Resolution Plans (RFRP).
5. The open challenge mechanism was completed on 27th October 2023, but the Applicant refrained from participating.
6. In the 11th CoC meeting, the Applicant submitted a Resolution Plan amounting to INR 240 Crores.
7. On 16th November 2023, Sapphire Media Limited (SRA) was declared the Successful Resolution Applicant (SRA) with 88.97% voting share.
8. The RP filed I.A. No. 5391/2023 seeking approval of the resolution plan.
9. Abhijit Realtors &
The Hon'ble Tribunal…
Respondent No. 1 issued…