# In the matter of Reliance Broadcast Network Ltd.

> NCLT judgment dated 2025-11-06. Citation: TCN-2025-NCLT-01748. Authum Investment and Infrastructure Limited filed an application under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 6 Nov 2025
- **Citation:** TCN-2025-NCLT-01748
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/reliance-broadcast-network-ltd-b5b53039

## Summary

### Background

Authum Investment and Infrastructure Limited filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions to treat Reliance Commercial Finance Limited (RCFL) at par with other assenting secured financial creditors in the Committee of Creditors (CoC) and to receive its claim according to its voting share of 11.03%.

## Facts

The Adjudicating Authority admitted the Company Petition under Section 7 of the IBC filed by IDBI Trusteeship Services Ltd for initiation of CIRP of Reliance Broadcast Network Ltd on 24.02.2023.

Mr. Rohit R. Mehra was appointed as the Interim Resolution Professional for conducting CIRP proceedings of the Corporate Debtor.

Reliance Commercial Finance Limited (RCFL) filed its claim for an amount of Rs. 80,12,91,568/- in Form C of the CIRP Regulations.

RCFL's claim of Rs. 63,78,27,563/- was admitted as secured financial creditor and voting rights was assigned 11.03% in the CIRP Process.

The resolution plan submitted by M/s. Sapphire Media Ltd was approved by the CoC with 88.97% of voting share in favour, while RCFL, holding 11.03% of voting share, rejected the resolution plan.

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## Issues and analysis

### Issue 1: Whether the Applicant's change of …

**Ratio:** Once the process under Regulation 26 stands concluded, there remains no provision that

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**Reasoning:** The voting window had closed, and the Resolution Professional had already filed the

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**Interpretation:** Regulation 26 of the CIRP Regulations, 2016, does not allow for changes to

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**Application:** The Applicant's attempt to change its vote after the voting window closed was

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## Parties

- **Judges:** Mohan Prasad…; Charanjeet Singh…
- **Appellants:** Authum Investment…
- **Respondents:** Reliance Broadcast…; HSBC Asset…; +4 more
- **Other parties:** Reliance Commercia…
- **Advocates:** Deep…; Shrishti Ag…; +2 more

## Timeline

- **2023-02-24 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition under Section 7 of the IBC filed…
- **2023-02-27 — Public Annou…**: The Resolution Professional issued a public announcement informing the initiation of 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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