DIVISION BENCH M-1 (MENTIONING)

COURT - I KOLKATA C.P. (CAA)/163(KB)2025 IN C.A.(CAA)/175(KB)2025 CORAM: 1. HON’BLE MEMBER(J), SMT. BIDISHA BANERJEE

2. HON’BLE MEMBER(T), CMDE SIDDHARTH MISHRA ATTENDANCE-CUM-ORDER SHEET OF THE HEARING ON 19^th JANUARY 2026 IN THE MATTER OF VISA SPECIAL STEEL LIMITED UNDER SECTION SEC.230-232-SECOND MOTION Appearance (via video conferencing/physically)

C O R R I G E N D U M O R D E R

1. This matter was not on Board today. Upon mentioning, the matter is taken on Board today.

2. In the order dated 08^th January, 2026, in page 1. “A Scheme of Amalgamation (Final Motion)” will read as “A Scheme of Arrangement (Final Motion)

3. From Page No. 1 to 15. “C.P (CAA) No. 163 of 2025” will read as “C.P.(CAA)

No. 163/KB/2025” and “C.A.(CAA) No. 175/KB/2024” will read as “C.A.(CAA) No.175/KB/2025”.

4. Rest of the order dated 08^th January, 2026 will remain unchanged.

Siddharth Mishra Bidisha Banerjee Member (Technical) Member (Judicial)

S.G.(Steno)

C.A. (CAA) No.175/KB/2024 An Application under Section 230(1) read with Section 232(1) and other applicable provisions of the Companies Act 2013;

IN THE MATTER OF:

The Companies (Compromises, Arrangements and Arrangements) Rules 2016;

IN THE MATTER OF:

A Scheme of Amalgamation (Final Motion)

VISA Special Steel Limited (CIN: U27100WB2012PLC234197), (PAN: AAECV1397A) a company incorporated under the provisions of the Companies Act, 1956 and having its registered office at VISA House, 8/10 Alipore Road Kolkata 700027, West Bengal, India.

.. Petitioner Pronouncement of the order: 08.01.2026 Coram:

Smt. Bidisha Banerjee, Member (Judicial)

Cmde Siddharth Mishra, Member (Technical)

Appearance (via video conferencing/physically)

Mr. D. N. Sharma, Sr. Adv.

C.A. (CAA) No.175/KB/2024 Mr Shounak Mitra, Adv.]For the Petitioner Mr. Pankaj Shrivastava, DD For the RD(ER)

ORDER

Per: Cmde Siddharth Mishra, Member (Technical)

1. The instantCompanyPetition has been filed under Sections 230(1) and

232(1) of the Companies Act, 2013 and other applicable provisions of Companies Act, 2013 (“Act”) for the purpose of sanction/approval of the Scheme of Arrangement (“Scheme”) and compromise by and between the Petitioner and its Secured Financial Creditor for, inter-alia, settlement of their outstanding debts. A copy of the Scheme has been annexed to the Company Petition and marked as Annexure “A” (pp.17 – 33, Vol.I)

2. The Company Petition herein has now come up for final hearing. Learned Senior Advocate for the Petitioner Company submits as follows:

i. The rationale of the Scheme is as follows:

i. The Petitioner has been under financial stress on account of factors beyond its control, including: (i) failure of the Government of Odisha to fulfil its obligation for grant of captive iron ore mines (ii) de-allocation of coal block by the Ministry of Coal, (iii) non-availability of vital raw materials at viable prices; (iv) dumping of cheap steel products by overseas manufacturers; (v) high cost of logistics for transportation of C.A. (CAA) No.175/KB/2024 raw materials as the rates are fixed by Associations which are much higher than the rates notified by the Government; and (vi) non-disbursement of sanctioned loans for operations and setting up of a sinter plant and adjustment of the same with interest and repayment.

ii. The above factors resulted in total depletion of the working capital resulting in shutdown of the Steel unit since 2017 and increase in the outstanding loan exposure of the Petitioner to an unsustainable level of INR 2,133.62 crore.

iii. In the meantime, State Bank of India, the lead bank and all other banks assigned their outstanding loan exposure to trusts floated by Assets Care & Reconstruction Enterprise Limited, which is an asset reconstruction company within the meaning of the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [“SARFAESI”].

iv. The current level of loan exposure is unsustainable, and accordingly the Petitioner has proposed