Visa Steel Limited has informed the Exchange about Corporate Insolvency Resolution Process
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Awaiting price reaction for this filing.
The National Company Law Tribunal (NCLT), Cuttack Bench, has allowed the withdrawal of the application for initiating Corporate Insolvency Resolution Process (CIRP) against VISA Steel Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, via its Order dated 26 September 2025. The original CIRP, admitted by NCLT on 28 November 2022, had already been stayed by the Orissa High Court on 21 December 2022. With NCLT now permitting the withdrawal, the CIRP against the company stands formally closed. This brings to an end a multi-year insolvency overhang on the company.
Positive for shareholders — the closure of CIRP removes a major insolvency overhang and signals that the company has successfully defended against the resolution process, which can lift sentiment and reduce uncertainty around the stock.