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.
The founder of the investment firm, who apparently lacked formal training in investing, had luxury cars - a 2023 Ferrari Roma, a 2020 Lamborghini Huracán EVO, and a 2014 Rolls-Royce Wraith - registered in his name since the transfer occurred
The budget carrier in a statement said SpiceJet will take up the role of an operating partner by providing essential staff, services and industry expertise to the new airline if the bid turns successful