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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
Per: Bidisha Banerjee, Member (Judicial)
1. This Court congregated through a hybrid mode. In Company Petition (IB) No. 1267/KB/2019
2. Heard the Learned Counsels for both parties.
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:
a. The Hon’ble Tribunal may graciously be please to confirm the sale of the corporate debtor as going concern to Lend Lease Company (India) Limited, the Successful Bidder;
b. Ad-interim orders be passed as are proper and necessary;
c. Such other order/s as this Hon’ble Tribunal may deem fit and necessary;
4. The Applicant states that the CIRP under Section 7 of IBC, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Applicat
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