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Sapphire Media group advisor Tarun Batra highlights challenges in insolvency resolutions

Tarun Batra, Advisor to Sapphire Media Limited, discussed obstacles faced by resolution applicants at an IBBI conclave in Delhi. He cited delays in receiving Ministry of Information and Broadcasting approval for changes in directorship and shareholding, despite the NCLT approving Sapphire Media’s resolution plan for Reliance Broadcast (Big 92.7 FM) on May 6, 2024.

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Sapphire Media Advisor Tarun Batra (India Daily)

Tarun Batra, Advisor to the Board of Sapphire Media Limited, openly discussed the challenges faced by resolution applicants in insolvency and bankruptcy cases. Speaking at a conclave organized by the Insolvency and Bankruptcy Board of India (IBBI) in Delhi, he shared his own experience with the resolution process for Reliance Broadcast, which operates Big 92.7 FM.

Batra highlighted that the National Company Law Tribunal (NCLT) approved Sapphire Media Limited's resolution plan for Reliance Broadcast on May 6, 2024. However, despite multiple applications, the Ministry of Information and Broadcasting has yet to approve changes to the directorship and shareholding of Sapphire Media.

Obstacles from failed bidders

Batra criticized the unnecessary delays caused by failed resolution applicants who file frivolous and obstructive cases in courts. He stated, "These actions not only disrupt the resolution process but also create undue harassment for successful bidders, making a mockery of the entire system."

He emphasized the need for stricter measures to prevent such practices, ensuring that the insolvency resolution process remains effective and fair.

Legal milestones in the case

The NCLT had approved Sapphire Media's resolution plan for Big 92.7 FM on May 6, 2024. Following this, the National Company Law Appellate Tribunal (NCLAT) dismissed five appeals filed by unsuccessful applicants, including Abhijeet Realtors & Infraventure and Creative Channel Advertising & Marketing, upholding the decision in favor of Sapphire Media.

Despite these legal victories, the prolonged delay in receiving the necessary approvals from the Ministry of Information and Broadcasting continues to pose challenges for Sapphire Media.

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