This case involves a petition filed by Visa Energy Ventures Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed through its Director, Mr. Surendra Nath Ojha, and the company has proposed Mr. Bishwanath Choudhary as the Interim Resolution Professional (IRP). The company's subsidiaries and holding company are under liquidation. The company has negligible assets against significant liabilities.
Visa Energy Ventures Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The company's application was supported by a board resolution passed in an Extra Ordinary General Meeting held on 10 March 2023. The company is a subsidiary of VISA International Limited and a holding company of VISA Resources India Limited and VISA Power Limited. CIRP had previously commenced against VISA International Limited (VINL) on 07 August 2019. Subsequently, VINL was acquired by Progressive Star Finance Private Limited under Regulation 32(e) of the IBBI (Liquidation Process) Regulations, 2016, and its board of directors was changed. CIRP was also initiated against VISA
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This case involves a petition filed by Visa Energy Ventures Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed through its Director, Mr. Surendra Nath Ojha, and the company has proposed Mr. Bishwanath Choudhary as the Interim Resolution Professional (IRP). The company's subsidiaries and holding company are under liquidation. The company has negligible assets against significant liabilities.
Visa Energy Ventures Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The company's application was supported by a board resolution passed in an Extra Ordinary General Meeting held on 10 March 2023. The company is a subsidiary of VISA International Limited and a holding company of VISA Resources India Limited and VISA Power Limited. CIRP had previously commenced against VISA International Limited (VINL) on 07 August 2019. Subsequently, VINL was acquired by Progressive Star Finance Private Limited under Regulation 32(e) of the IBBI (Liquidation Process) Regulations, 2016, and its board of directors was changed. CIRP was also initiated against VISA
…Board of the Corporate Applicant held an…
Adjudicating Authority…