NCLT admits insolvency resolution process against TV Vision Limited

NCLT admitted insolvencyRegulatory & Legal View source PDF Explain this filing

TVVISION · price

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Nifty Microcap 250market · in no size index; the smallest one is used+1.3%+3.3% vs market

TV Broadcasting & Software Production peers, median of 16sector-0.3%+4.9% vs sector

On the reaction day the stock moved 3.3 pts more than Nifty Microcap 250 and 4.9 pts more than its TV Broadcasting & Software Production peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

NCLT Mumbai admitted Punjab National Bank's petition to initiate Corporate Insolvency Resolution Process against TV Vision Limited under Section 7 of the Insolvency and Bankruptcy Code. The default relates to a financial debt of about Rs. 294.66 crore with date of default being March 31, 2018. Mr. Alok Kumar Murarka is appointed as Interim Resolution Professional. Moratorium is in effect and board powers are suspended.

Likely market impact

Insolvency process has begun; board suspended, IRP now controls the company. Shareholders may face dilution or loss under any resolution plan.