New Delhi: The National Company Law Tribunal’s Mumbai Bench has admitted TV Vision Limited into the corporate insolvency resolution process following an application by Punjab National Bank over a claimed financial debt of Rs 294.66 crore.
The July 30 order has suspended the powers of TV Vision’s board of directors and placed the company’s management under interim resolution professional Alok Kumar Murarka.
A moratorium has also come into effect, restricting the initiation or continuation of proceedings against the company, execution of judgments and orders, enforcement of security interests, and transfer or disposal of its assets.
The insolvency proceedings come shortly after the Telecom Disputes Settlement and Appellate Tribunal…