NCLT Admits TV Vision Into Insolvency Over PNB's ₹294.66-Crore Claim
The National Company Law Tribunal has admitted broadcaster TV Vision into insolvency over a ₹294.66-crore claim from Punjab National Bank.
- Company: TV Vision Ltd
- Claim: ₹294.66 crore, from Punjab National Bank
- Process: Corporate Insolvency Resolution Process (CIRP), under Section 7 of the IBC
- Bench: NCLT Mumbai
- Interim Resolution Professional appointed: Alok Kumar Murarka
- Effect: TV Vision's board powers suspended
Loans That Turned Into Defaults
The NCLT's Mumbai bench admitted PNB's application after term loans totalling ₹100 crore, sanctioned to TV Vision in 2016, were classified as non-performing assets in March 2018 following repayment defaults. PNB had originally approached the tribunal in February, and the insolvency process formally commenced on July 30.
With the application admitted, the NCLT has appointed Alok Kumar Murarka as Interim Resolution Professional to run TV Vision as a going concern, a step that suspends the powers of the company's existing board of directors for the duration of the process.
A Broadcaster Squeezed By Streaming
TV Vision has attributed its financial difficulties to the rise of YouTube, OTT platforms and music apps, which the company said have affected its traditional television business, and it admitted it had failed to repay the PNB loans on time. The case adds TV Vision to a small but growing list of Indian television broadcasters whose balance sheets have been tested by the shift of viewing and ad dollars toward streaming and short-form platforms.
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