30-Nov-2022
This is to inform you that the Honble National Company Law Tribunal (NCLT) Cuttack Bench vide Order dated 28 November 2022 (received by us on 29 November 2022) has admitted the application for initiating Corporate Insolvency Resolution Process (CIRP) against VISA Steel Limited (the Company) under Section 7 of the Insolvency and Bankruptcy Code 2016 (IBC) and Shri Ajay Kumar Agarwal (IP Registration No. IBBI/IPA-002/IP-N00608/2018-2019/11859) has been appointed as an Interim Resolution Professional (IRP) under the provisions of IBC. A copy of the Order dated 28 November 2022 is enclosed for reference. Further the Company understands that appropriate legal actions are being considered and discussions are also ongoing with lenders for settlement/resolution outside IBC.
