SAB Events & Governance Now Media Limited , a public company operating in the digital media and MICE (Meetings, Incentives, Conferences, and Exhibitions) sector, has announced significant developments in its ongoing Pre-Packaged Insolvency Resolution Process (PPIRP).

Appointment of Transaction Auditor

SAB Events & Governance Now Media Limited has appointed Mr. Parthajit Ghosh as Transaction Auditor for its ongoing Pre-Packaged Insolvency Resolution Process. This appointment follows the admission order received from the National Company Law Tribunal (NCLT), Mumbai Bench. Mr. Kedar Parshuram Mulye, the Resolution Professional, made the appointment to conduct an audit on transactions in accordance with the Insolvency and Bankruptcy Code, 2016.

Admission of Pre-Packaged Insolvency Resolution Process

The NCLT, Mumbai Bench, had previously admitted the company's petition for initiating a PPIRP under Section 54C of the Insolvency and Bankruptcy Code, 2016. This decision came in response to the company's financial distress, which it attributes to a prolonged decline in revenue, exacerbated by the COVID-19 pandemic's impact on its MICE business segment.

Mr. Kedar Parshuram Mulye was appointed as the Resolution Professional to conduct the PPIRP. The NCLT order includes a moratorium on legal proceedings against the company and restrictions on asset transfers.

Leadership Changes

Concurrent with the PPIRP initiation, the company has announced key changes in its leadership:

1. Mr. Ravi Adhikari has resigned from his positions as Chairman and Director. His departure is reportedly to pursue creative endeavors.

2. Mr. Markand Navnitlal Adhikari, holding 4.59% of the company's equity shares, has requested reclassification from 'Promoter' to 'Public' shareholder category. This move is part of his stated intention to withdraw from corporate affairs and focus on social service and personal pursuits.

3. Mr. Kailasnath Adhikari continues as the Managing Director, now overseeing the company's operations during this critical phase.

Financial Challenges

The company's financial statements reveal significant challenges:

These factors, along with the inability to service debt obligations, have contributed to material uncertainty regarding the company's ability to continue as a going concern.

Path Forward

As part of the PPIRP, the company has outlined a base resolution plan that includes provisions for:

• Payment of PPIRP costs, estimated at Rs. 50 lakhs
• Addressing the claims of financial creditors and employees

The management of SAB Events & Governance Now Media Limited will remain vested with the Board of Directors during the PPIRP, subject to the oversight of the Resolution Professional.

As the company navigates through this challenging period, stakeholders will be closely watching the outcomes of the insolvency process, including the transaction audit to be conducted by Mr. Parthajit Ghosh, and the potential for business revival in the evolving digital media landscape.

SAB Events & Governance Now Media Limited , a company operating in the digital media, websites, and MICE (Meetings, Incentives, Conferences, and Exhibitions) sectors under the Governance Now brand, has taken significant steps in its Pre-Packaged Insolvency Resolution Process (PPIRP).

Formation of Committee of Creditors

On November 24, 2025, SAB Events & Governance Now Media Limited constituted a Committee of Creditors under Section 54(I)(1) of the Insolvency and Bankruptcy Code, 2016. This development follows the admission order received from the National Company Law Tribunal (NCLT) Mumbai Bench on November 11, 2025.

First Committee of Creditors Meeting

The company held its first Committee of Creditors meeting on December 1, 2025. This meeting was conducted pursuant to Section 54(1)(2) of The Insolvency and Bankruptcy Code, 2016, affecting the company's creditors and stakeholders in the insolvency proceedings.

Key Approvals and Appointments

During the meeting, several important decisions were made:

• Approval of the Resolution Professional
• Appointment of registered valuers
• Appointment of a transaction auditor
• Ratification of PPIRP costs
• Approval for the circulation of Information Memorandum to creditors

Mr. Kedar Parshuram Mulye, the appointed Resolution Professional, formed the committee as part of the ongoing PPIRP.

Financial Distress and Debt

The company's decision to file for PPIRP came after a period of financial distress, which was exacerbated by the COVID-19 pandemic and its restrictions on public gatherings. The financial situation of the company is as follows:

Resolution Plan

Under the proposed resolution plan:

• Financial creditors will receive Rs. 2.00 crores within 90 days
• This amount represents a full settlement of their claims

Impact of COVID-19 on Business

The company's MICE vertical, which organized on-ground events, was severely impacted by the pandemic:

• Operations came to a complete halt during the peak of COVID-19
• The business has not fully recovered since then

Moratorium Declaration

A moratorium has been declared, prohibiting any legal proceedings against the company during the resolution process. This measure is designed to provide SAB Events & Governance Now Media Limited with the necessary breathing space to restructure its operations and settle its debts.

The constitution of the Committee of Creditors and the successful completion of its first meeting mark crucial steps in the PPIRP for SAB Events & Governance Now Media Limited. This process highlights the ongoing challenges faced by companies in the events and media sector, particularly those heavily reliant on in-person gatherings.