# In the matter of FAIRSNOW AVIATION LIMITED

> NCLT judgment dated 2026-03-26. Citation: TCN-2026-NCLT-00256. The Corporate Applicant, Fairsnow Aviation Limited, filed a petition under Section 10 of the…

- **Court:** NCLT
- **Order date:** 26 Mar 2026
- **Citation:** TCN-2026-NCLT-00256
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/fairsnow-aviation-limited-1447570c

## Summary

### Background

The Corporate Applicant, Fairsnow Aviation Limited, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was filed due to unpaid operational debts owed to Visa Steel Limited and Visa Resources India Limited.

## Facts

Fairsnow Aviation Limited filed a petition under Section 10 of the IBC.

The petition relates to unpaid operational debts of Rs. 6,45,90,281.95/- owed to Visa Steel Limited and Rs. 1,60,00,000/- owed to Visa Resources India Limited.

The total aggregated debt is Rs. 8,05,90,281.95/-.

The debts of default for Visa Steel is 01.07.2011 and for Visa resources, the same is 08.02.2011.

Fairsnow Aviation Limited stopped its business operations of non-scheduled air transport (passenger services) in 2013.

Visa Steel issued demand notices on 12.04.2011 and 14.05.2012.

Visa Resources issued demand notices on 19.11.2021 and 29.12.2021.

The unpaid operational debt to Visa Steel and Visa Resources has been admitted by Fairsnow Aviation Limited in its financial statements as on 31.03.2025.

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## Issues and analysis

### Issue 1: Whether the acknowledgment of debt in the balance …

**Ratio:** The Hon'ble Supreme Court in Asset Reconstruction Company (India) Limited v. Bishal

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**Reasoning:** The Adjudicating Authority relied on the Supreme Court's judgment to determine that the

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**Interpretation:** The Supreme Court's interpretation of Section 18 of the Limitation Act, 1963,

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**Application:** The Adjudicating Authority applied the Supreme Court's ruling to the present

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## Parties

- **Judges:** BIDISHA BA…; Siddharth…
- **Respondents:** Fairsnow Aviation…
- **Other parties:** Sanjit Kuma…; Visa Steel…; +1 more
- **Advocates:** Shaunak…; Dripto Ma…; +2 more

## Timeline

- **2024-07-01 — Board Me…**: The Corporate Applicant resolved to file the application for initiation of CIRP at its…
- **2024-07-26 — Extra-ordinary General…**: A special resolution was passed by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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