TV Vision Ltd: NCLT Admits Insolvency Plea by PNB

TV Vision Limited has received an order from the National Company Law Tribunal (NCLT), Mumbai Bench, admitting an application filed by Punjab National Bank (PNB) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application pertains to an alleged financial debt of ₹294,65,82,103.48. Consequently, the Corporate Insolvency Resolution Process (CIRP) has commenced against the company. Mr. Alok Kumar Murarka has been appointed as the Interim Resolution Professional (IRP). A moratorium has been declared, prohibiting legal actions and asset disposals, and the powers of the Board of Directors are suspended, with the IRP now managing the company's affairs.