# In the matter of Visa Energy Ventures Limited

> NCLT judgment dated 2024-08-14. Citation: TCN-2024-NCLT-00788. This case involves a petition filed by Visa Energy Ventures Limited under Section 10 of the…

- **Court:** NCLT
- **Order date:** 14 Aug 2024
- **Citation:** TCN-2024-NCLT-00788
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/visa-energy-ventures-limited-95c4281b

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the application under Section 10 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** The Hon'ble NCLAT in Unigreen Global Private Limited vs. Punjab National Bank and Ors

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**Reasoning:** The court considered precedents and determined that the application is maintainable if a

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**Interpretation:** The legal issue is interpreted in the context of Section 10 of the IBC, which

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**Application:** The court applied the ratio to the facts of the case, considering whether a

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** Visa Energy…

## Timeline

- **2023-03-10 — Extra Ordinary General…**: Board of the Corporate Applicant held an Extra-Ordinary General meeting under Section 10…
- **2019-08-07 — CIRP agains…**: Adjudicating Authority commenced Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 11 — Persons not entitled to make application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-11)

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