NCLT Mumbai Approves SAB Events Revival Plan, Grants First-Motion Relief For Merger With Sri Adhikari Brothers

The Mumbai Bench of the National Company Law Tribunal approved the pre-packaged insolvency resolution plan of SAB Events & Governance Now Media Ltd.

As part of the resolution plan, it granted first-motion relief for the company's proposed amalgamation with Sri Adhikari Brothers Digital Network Pvt Ltd by dispensing with shareholders' and creditors' meetings, while directing issuance of statutory notices to the concerned authorities.

A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that the resolution plan satisfied the requirements of Sections 30(2), 54K and 54L of the IBC and the applicable PPIRP Regulations.

"Upon consideration of the Resolution Plan, the Compliance Certificate submitted by the Resolution Professional and the material available on record, this Tribunal is satisfied that the Resolution Plan meets the requirements of Sections 30(2), 54K and 54L of the Insolvency and Bankruptcy Code, 2016 read with the applicable provisions of the IBBI (Pre-Packaged Insolvency Resolution Process) Regulations, 2021.", the tribunal noted. 

SAB Events & Governance Now Media engaged in digital media and operating the Governance Now platform, was admitted into the Pre Packaged Insolvency Resolution Process on November 4, 2025 after defaulting on ₹4.53 crore owed to its sole financial creditor, Saturn Fund (Scheme of Saturn Trust–AIF Category II).

The resolution plan submitted by the corporate applicant through a consortium comprising Sri Adhikari Brothers Assets Holding and Sri Adhikari Brothers Digital Network was approved by the Committee of Creditors with 100% voting share on February 6, 2026.

Examining the resolution plan, the Tribunal noted that the plan provides ₹2 crore to the sole financial creditor against its admitted claim of ₹4.53 crore while operational creditors would receive 100% of their admitted dues amounting to ₹29.40 lakh. It held that the CoC's commercial wisdom in approving the distribution was not open to judicial review.

"The Resolution Plan envisages payment of Rs. 2,00,00,000/- to the sole Financial Creditor against an admitted claim of Rs. 4,53,47,238/- and payment of Rs. 29,40,495/- towards Operational Creditors, representing 100% of their admitted claims. The commercial wisdom exercised by the Committee of Creditors in approving the proposed distribution is not amenable to judicial review except to the limited extent contemplated under Section 54K read with Section 30(2) of the Code."

It further observed that the plan envisages amalgamation of Sri Adhikari Brothers Digital Network with the corporate debtor to achieve operational synergies, resource consolidation and business revival.

The Tribunal also recorded that the sole financial creditor approved the plan with a 100% voting share and that the Resolution Professional found the applicants eligible under Section 29A.

It left it open to SEBI and the stock exchanges to examine compliance with minimum public shareholding requirements after implementation.

Approving the resolution plan, the Tribunal directed Sri Adhikari Brothers Digital Network to serve notice of the merger scheme on the concerned statutory and regulatory authorities within 30 days.

The Resolution Professional was directed to supervise implementation and file quarterly status reports before the Tribunal.

For the Applicant : Adv. Shadab Jain a/w Adv. Umang Mehta, Adv. Ayushi Adhikari and Adv. Ameer

For Resolution Professional : Adv. Rohit Gupta