# Punjab National Bank vs. TV Vision Limited

> NCLT judgment dated 2026-07-30. Citation: TCN-2026-NCLT-00729. Punjab National Bank (Financial Creditor) filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 30 Jul 2026
- **Citation:** TCN-2026-NCLT-00729
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/punjab-national-bank-vs-tv-vision-limited-xn7c3

## Summary

### Background

Punjab National Bank (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against TV Vision Limited (Corporate Debtor) for defaulting on a financial debt of Rs. 294,65,82,103.48/-. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on March 31, 2018. The Corporate Debtor admitted the default but initially objected to the proposed Interim Resolution Professional (IRP), Ms. Smita Gupta. Subsequently, the Financial Creditor proposed Mr. Alok Kumar Murarka as the IRP, to which the Corporate Debtor had no objection.

## Facts

Punjab National Bank (Financial Creditor) filed C.P. (IB) No. 143/MB/2026 on 12.02.2026 under Section 7 of the IBC, 2016.

The application sought to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. T V VISION LIMITED (Corporate Debtor).

The alleged default in repayment of financial debt amounts to Rs. 294,65,82,103.48/-.

The application was affirmed by Ms. Winne Grover, authorized signatory of Punjab National Bank, on 23.01.2026.

The date of default is stated as 31.03.2018.

The Corporate Debtor is a group company of SAB Group, engaged in TV channel broadcasting.

The Financial Creditor sanctioned two term loan facilities of Rs. 50.00 Crore each in 2016, totaling Rs. 100.00 Crore.

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## Issues and analysis

### Issue 1: Whether there exists a financial debt and a …

**Ratio:** A financial debt exceeding the statutory threshold, which is due and payable and has been

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**Reasoning:** Punjab National Bank sanctioned two term loans of Rs. 50 Crores each, totaling Rs. 100

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**Interpretation:** Section 5(8)(a) of the IBC, 2016, defines financial debt as money borrowed

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**Application:** The Financial Creditor successfully demonstrated the existence of a financial

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Punjab National…
- **Respondents:** TV Vision L…
- **Other parties:** Committee of…; directors of the…; +2 more
- **Advocates:** Purva N…; Prashant…; +2 more

## Timeline

- **2016-05-04 — Initial Loan…**: Financial Creditor approved an initial…
- **2016-05-17 — Loan Documents…**: Various loan and security documents executed by Corporate Debtor and its Guarantors for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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