Kedar Parshuram Mulye Vs Adhikari Brothers Digital Network Limited (NCLT Mumbai)
NCLT Mumbai Approves PPIRP Resolution Plan
The NCLT Mumbai approved the Resolution Plan submitted under Section 54K of the IBC for SAB Events & Governance Now Media Limited, an MSME admitted into PPIRP on 04.11.2025. The CoC, comprising a sole financial creditor, approved the plan with 100% voting share, exceeding the 66% threshold under Section 54K(9). The Tribunal found the plan compliant with Sections 30(2), 54K and 54L and the applicable PPIRP Regulations.
Amalgamation and Capital Restructuring Under the Plan
The plan provides for revival through capital infusion, operational integration and professional management. It incorporates amalgamation of Sri Adhikari Brothers Digital Network Private Limited with the Corporate Applicant. It also provides for cancellation of existing promoter equity, reduction of public shareholding in the stated 100:5 ratio, fresh equity and convertible warrant issuance, and continuation of listing on BSE and NSE Main Board.
The plan proposes payment of PPIRP costs of Rs. 50 lakh, 100% payment of operational creditors’ admitted claims of Rs. 29,40,495 and Rs. 2 crore against the unsecured financial creditor’s admitted claim of Rs. 4,53,47,238. Proposed funding totals Rs. 32,62,50,000 through subscriptions and investments, with provision for an intercorporate loan if investor funding is insufficient or delayed.
