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NATIONAL COMPANY LAW TRIBUNAL
Bidisha Banerjee, Siddharth Mishra, JJ
Punjab National Bank (PNB) – Appellant
Versus
Visa Resources India Limited – Respondent
| Table of Content |
|---|
| 1. court convenes for hearing. (Para 1 , 2) |
| 2. details of the liquidation process. (Para 3 , 4 , 5 , 6 , 7 , 8) |
| 3. legal framework for going concern sales. (Para 10 , 11 , 12 , 13 , 14 , 15 , 16) |
| 4. application for sale as going concern allowed. (Para 17) |
| 5. order issued for application disposal. (Para 18 , 19) |
ORDER
1. This Court congregated through a hybrid mode. In Company Petition (IB) No. 1267/KB/2019
3. The instant application being I.A. (IB) No. 251/KB/2025, has been preferred by a PNB Bank under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, for brevity “I&B Code” against the respondent Visa Resources India Limited seeking the following reliefs:
b. Ad-interim orders be passed as are proper and necessary;
4. The Applicant states that the CIRP under Section 7 of IBC, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, was initiated against Visa Resources India Limited by an order dated 29.04.2022. The Hon’ble Adjudicating Authority appointed the Applicant as the Interim Resolution Professional (IRP) and imposed a moratorium on the Corporate Debtor. A copy of the order is annexed as "Annexure A-1."
6. O
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