Mumbai: The curtains have come down on business as usual for TV Vision Limited after the National Company Law Tribunal admitted an insolvency petition filed by Punjab National Bank, setting the broadcaster on the path to the Corporate Insolvency Resolution Process (CIRP).
The Mumbai Bench of the NCLT admitted the lender’s application under Section 7 of the Insolvency and Bankruptcy Code (IBC), citing an alleged financial debt of Rs. 294.65 crore. The tribunal also appointed Alok Kumar Murarka as the interim resolution professional (IRP) to oversee the insolvency proceedings.
Following the admission of the CIRP, a moratorium has come into force under Section 14 of the IBC. During this period, legal proceedings…