SAB Events PPIRP: CoC Records RA Eligibility Step 2026

What the latest disclosure says

SAB Events & Governance Now Media Limited told stock exchanges on April 29, 2026 that its Committee of Creditors (CoC) has considered, noted, and taken on record an affidavit and a legal opinion on the eligibility of the Resolution Applicant. The submissions were placed before the Hon’ble National Company Law Tribunal (NCLT) by the Resolution Professional.

The update is part of the company’s ongoing Pre-Packaged Insolvency Resolution Process (PPIRP). The company said the disclosure is made under SEBI LODR Regulations 30 and Schedule III Para 16(g).

5th CoC meeting and the April 29 finalisation

The company said the 5th CoC meeting was held through video conferencing on April 28, 2026. Following that meeting, the CoC sought time to consider the material placed by the Resolution Professional.

The decision was finalised on April 29, 2026 after the consideration period. The company also referenced NCLT directions dated April 21, 2026, and noted that it had issued a prior intimation on April 28, 2026.

Why “resolution applicant eligibility” matters in PPIRP

Within PPIRP, the eligibility of the resolution applicant is a procedural requirement because the plan and its proponents must satisfy the conditions under the Insolvency and Bankruptcy Code (IBC), 2016 and related regulations. The company’s disclosure indicates that the CoC has taken formal note of the affidavit and legal opinion submitted to the NCLT on this point.

While the update is procedural, it is relevant because the PPIRP requires multiple checkpoints, including creditor review and tribunal consideration. The company did not disclose the contents of the affidavit or the legal opinion in the provided text.

PPIRP background: process started in November 2025

SAB Events & Governance Now Media Limited has been under PPIRP since November 2025, following an NCLT Mumbai order. The process was stated to have commenced on November 11, 2025.

A public description in the provided material explains that pre-packaged insolvency is designed as a faster alternative to traditional corporate insolvency, with a typical 120-day timeline. The company’s shares trade under the symbol SABEVENTS and it informed BSE and NSE about the PPIRP commencement.

Key roles: resolution professional, auditors and valuers

The NCLT Mumbai Bench appointed Mr. Kedar Parshuram Mulye as the Resolution Professional to oversee the PPIRP. The company also disclosed appointments supporting the process.

Mr. Parthajit Ghosh was appointed as Transaction Auditor for the PPIRP to conduct an audit of transactions in line with the IBC, 2016. Separately, two IBBI-registered valuers, Mr. Pijush Karmakar and Mr. Jigar Pradipchandra Shah, were appointed to determine fair value and liquidation value. These appointments were disclosed as following the NCLT admission, with the Resolution Professional appointing the valuers on November 19 (after the admission on November 11 and receipt of a certified true copy on November 17).

Binding Resolution Plan: earlier creditor approval via postal ballot

The provided material also states that the CoC approved the company’s Binding Resolution Plan under PPIRP, with the approval concluded on February 07, 2026 via postal ballot. It described the creditor approval as a prerequisite step in the PPIRP framework and a signal of creditor consensus on a resolution strategy.

In a related disclosure about the 4th CoC meeting held on February 06, 2026, the company said the CoC approved the appointment of Avyaan Legal as Advocate for filing the Resolution Plan and their fees. The CoC also ratified PPIRP costs incurred by the Resolution Professional, and noted that approval of the Binding Resolution Plan was under postal ballot voting at that time.

Claims and estimated process costs disclosed during PPIRP

The company disclosed claims totaling Rs. 8,89,79,647 under PPIRP, and stated that the PPIRP began on November 11, 2025. It also outlined a base resolution plan provision to pay PPIRP costs estimated at Rs. 50 lakhs.

Converted for easier comparison, Rs. 50 lakhs equals INR 0.50 crore, and Rs. 8,89,79,647 is about INR 8.90 crore.

Governance actions alongside PPIRP: postal ballot for independent directors

Alongside insolvency process updates, the company’s board approved a postal ballot to seek shareholder consent for appointing Mr. Anurag Shailendra Mishra and Ms. Neha Vinod Kothari as Independent Directors.

The e-voting window was stated as March 18 to April 16, 2026. The board met on March 09, 2026 to authorise the postal ballot. The proposed directors are slated for five-year terms beginning February 24, 2026. Mr. Bhavesh Chheda was appointed as the scrutinizer for the e-voting process. The proposal followed the resignation of Ms. Latasha Laxman Jadhav as Non-Executive Non-Independent Director on February 25, 2026.

Snapshot table: key dates and disclosed figures

Market impact: what investors can realistically take from this update

The April 29 disclosure is primarily a process milestone rather than an operational turnaround indicator. It confirms that the CoC has formally recorded the Resolution Professional’s affidavit and legal opinion on resolution applicant eligibility filed before the NCLT, aligning the process with the tribunal’s April 21 directions.

For shareholders, the key takeaway is that the PPIRP is moving through required steps, with creditor oversight continuing through CoC meetings and formal filings. The provided material also flags that implementation remains subject to further regulatory approvals and could involve dilution for existing equity holders, depending on the resolution plan’s terms.

Analysis: why the combination of PPIRP progress and governance steps stands out

Two parallel tracks are visible in the disclosures. One is the insolvency process track, where CoC meetings, filings, and eligibility checks are being documented as required under IBC and SEBI disclosure norms. The second is governance, where the company sought shareholder consent for independent directors and managed board changes following a resignation.

In PPIRP situations, governance updates often matter because they shape oversight and credibility with creditors and other stakeholders. However, based on the provided text, the April 29 update should be read as compliance-driven progress within PPIRP rather than a confirmation of business recovery.

Closing note: next signals to watch

The company’s April 29, 2026 disclosure confirms that creditor documentation related to resolution applicant eligibility has been taken on record for the NCLT. The next meaningful updates would typically be linked to tribunal consideration of filed material and the subsequent steps required to implement the already CoC-approved Binding Resolution Plan.