The National Company Law Tribunal (NCLT) has admitted Punjab National Bank’s insolvency petition against television broadcaster TV Vision Ltd over an alleged default of ₹294.65 crore, initiating the corporate insolvency resolution process (CIRP) against the company.
In a regulatory filing on July 31, TV Vision said the Mumbai bench of the NCLT had admitted the lender’s application under Section 7 of the Insolvency and Bankruptcy Code (IBC) and ordered the commencement of insolvency proceedings against the company. The filing follows the tribunal’s oral pronouncement on July 30 and the subsequent upload of the detailed order on the NCLT website.
The tribunal has appointed Alok Kumar Murarka as the interim resolution professional (IRP) to…