Nazara Technologies Ltd. reported receiving approval from the National Company Law Tribunal for its resolution plan to acquire Smaaash Entertainment Pvt. on Wednesday.
Smaaash Entertainment is undergoing a corporate insolvency resolution process.
The process first began in 2022, due to a default of payment of Rs 292.4 crore to Edelweiss Asset Reconstruction Co. To manage Smaaash Entertainment’s day-to-day affairs during the insolvency process, Bhrugesh Amin, representing BDO Restructuring Advisory LLP, was appointed as the resolution professional.
Amin also acknowledged claims totaling Rs 426.3 crore from Edelweiss ARC, Mabella Investment Advisors, Sidbi, and Yes Bank.
The Mumbai bench of the NCLT also settled a dispute regarding the…
