In a significant turnaround, Visa Steel Limited has successfully exited the Corporate Insolvency Resolution Process (CIRP) after the National Company Law Tribunal (NCLT), Cuttack Bench, permitted the withdrawal of the insolvency application against the company. The order, dated September 26, 2025, closes a prolonged legal battle that had cast uncertainty over the steelmaker’s future.
The insolvency proceedings were initiated following a petition by the State Bank of India (SBI) in December 2017 under Section 7 of the Insolvency and Bankruptcy Code (IBC). SBI claimed a default of over ₹982 crore, dating back to July 2012. After extensive litigation, the NCLT admitted the case into CIRP on November 28, 2022, appointing an…