# In the matter of Reliance Broadcast Network Limited

> NCLT judgment dated 2024-05-06. Citation: TCN-2024-NCLT-01428. The case involves two applications, I.A. 290 of 2024 and I.A. 614 of 2024, filed in CP (IB) No.…

- **Court:** NCLT
- **Order date:** 6 May 2024
- **Citation:** TCN-2024-NCLT-01428
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliance-broadcast-network-limited-ec9b9623

## Summary

### Background

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

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## Facts

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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## Issues and analysis

### Issue 1: Whether the objections raised by the Applicants regarding the eligibility of the SRA are valid and …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in the selection

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**Reasoning:** The court reasoned that the objections raised by the applicants were based on a narrow

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**Interpretation:** The court interpreted the eligibility criteria in the context of the IBC's

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**Application:** The court applied the ratio to the facts of the case, finding that the CoC's

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## Parties

- **Judges:** Madhu S…; Reeta K…
- **Appellants:** CREATIVE CHANNEL…
- **Respondents:** Reliance Broadcast…; ROHIT RAMESH…

## Timeline

- **2023-02-24 — CIRP Ord…**: The Hon'ble Tribunal (NCLT) pronounced…
- **2023-04-14 — Expression of Interest…**: Respondent No. 1 issued the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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