The National Company Law Tribunal (NCLT), Mumbai Bench, has approved Nazara Technologies Limited’s ₹126 crore resolution plan to acquire debt-laden Smaaash Entertainment Private Limited, marking a significant step in the gaming and entertainment firm’s insolvency resolution process. The plan, approved by the Committee of Creditors (CoC) with 99.59% votes, ensures Smaaash’s revival under Nazara, a leading gaming and sports media conglomerate.
Background
Smaaash Entertainment, an MSME known for its sports-themed entertainment centers, was admitted into Corporate Insolvency Resolution Process (CIRP) in May 2022 following a petition by Edelweiss Asset Reconstruction Company (ARC), its largest financial creditor. Bhrugesh…
