Visa Steel Limited has informed the Exchange about Corporate Insolvency Resolution Process
VISACHROME · price
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Awaiting price reaction for this filing.
Visa Steel Limited has informed the exchanges about an NCLT Cuttack Bench order dated 26 September 2025 that allowed the withdrawal of the Corporate Insolvency Resolution Process (CIRP) originally admitted against the company in November 2022. The insolvency petition was filed by Punjab National Bank, which later assigned its debt to Asset Care & Reconstruction Enterprise Limited (ACRE), now holding 95.94% voting share in the CoC. The NCLT permitted withdrawal under Section 60(5) read with Section 12A of the IBC, noting that ACRE's share far exceeds the 90% statutory threshold required for such withdrawal. Consequently, the main petition stands dismissed as withdrawn, the moratorium under Section 14 has ceased, and the company has been released from the rigours of CIRP. ACRE retains the right to revive the petition in case of any breach of the settlement agreement.
This is positive for shareholders as the company has successfully exited insolvency proceedings, removing the uncertainty and restrictions of CIRP. The stock may see a favourable reaction, though ACRE's right to revive the petition on settlement breach keeps some residual risk in play.