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NCLT Mumbai approved Sapphire Media's plan for Big 92.7 FM, paying Rs. 261 crore to creditors. The resolution process began in February 2023 under the Insolvency and Bankruptcy Code, with a creditors' committee approving the plan on November 11, 2023.
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NCLT Mumbai bench adjourned Siti Networks' insolvency hearing to April 3. Rohit Mehra, suspended board of directors, NCLAT intervention, financial and operational creditors claims, including Zee Entertainment Enterprises, were crucial in the process.
Rohit Mehra, the resolution professional (RP) managing the insolvency proceedings against Siti, moved the NCLT, seeking directions to restrain Star from disconnecting signals and continue providing TV signals till the final adjudication of the appeal.