State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Visa Steel Limited. The financial creditor had sanctioned several loans and credit facilities to the corporate debtor between 2006 and 2009. The corporate debtor defaulted, leading to a Master Restructure Agreement in 2012. However, the debtor failed to adhere to the payment terms. The account was declared NPA, and the petition was filed before NCLT, Kolkata, on 21.12.2017. The respondent challenged the maintainability of the petition, which was initially allowed and the petition dismissed. However, the NCLAT allowed an appeal by the financial creditor. The respondent then appealed to the

State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Visa Steel Limited. The financial creditor had sanctioned several loans and credit facilities to the corporate debtor between 2006 and 2009. The corporate debtor defaulted, leading to a Master Restructure Agreement in 2012. However, the debtor failed to adhere to the payment terms. The account was declared NPA, and the petition was filed before NCLT, Kolkata, on 21.12.2017. The respondent challenged the maintainability of the petition, which was initially allowed and the petition dismissed. However, the NCLAT allowed an appeal by the financial creditor. The respondent then appealed to the