TV Vision creditors approve audit spanning transactions since 2016

TV Vision Limited creditors approved a Rs 4.80 lakh forensic and transaction audit covering 4 May 2016 to 30 July 2026, with 98.19% of voting weight supporting the proposal in e-voting that closed on 2 November 2026. The chosen mandate was one of three audit-period options considered during the corporate insolvency resolution process.

What forensic audit did TV Vision creditors approve?

TV Vision approved the appointment of Vijay Garg & Associates, Chartered Accountants, as forensic auditor for transactions from 4 May 2016 to 30 July 2026. The mandate covers transactions under Sections 43, 45, 49, 50 and 66 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 35A of the Corporate Insolvency Resolution Process, or CIRP, Regulations.

The approved professional fee is Rs 4.80 lakh, inclusive of out-of-pocket expenses, plus applicable taxes. The resolution states that the fee will form part of CIRP costs under Regulation 31, while the 30 July 2026 end date is the insolvency commencement date used in the creditor resolutions. The filing does not report any audit finding or identify any transaction as improper.

How did TV Vision's selected audit compare with alternatives?

TV Vision selected the audit beginning on 4 May 2016 instead of a two-year alternative and a longer review starting in 2007. All three options named Vijay Garg & Associates and covered the same specified provisions of the Insolvency and Bankruptcy Code, but differed in review periods and quoted fees.

Option 3 costs Rs 2.05 lakh more than Option 1, which would have started on 31 July 2024, and Rs 2.70 lakh less than Option 2, which would have started on 30 July 2007. The approved mandate therefore extends the review back to May 2016, rather than the 2024 start under the least-cost proposal, without adopting the 2007 start under the highest-cost proposal.

Which creditors voted for the TV Vision audit?

Punjab National Bank voted for the approved Option 3 with 98.19% voting weight, while Reform ARC Limited abstained with 1.81% weight. The e-voting record lists two voters, records no vote against the selected option, and shows Punjab National Bank voting on 2 November 2026 at 2:52 p.m.

The voting pattern differed from the outcomes on Options 1 and 2. Punjab National Bank voted against both rejected alternatives, while Reform ARC Limited abstained on each, resulting in 98.19% votes against and no votes for those proposals. The voting window opened at 10 a.m. on 22 October 2026 and closed at 7 p.m. on 2 November 2026 after the third Committee of Creditors meeting on 19 October 2026.

What does the audit approval mean for TV Vision's CIRP?

TV Vision has added a Rs 4.80 lakh audit engagement, plus applicable taxes, to the costs of its CIRP. The appointment was approved under Section 25(2)(d) of the Insolvency and Bankruptcy Code and Regulations 27 and 35A of the CIRP Regulations, but the 3 November 2026 disclosure gives no deadline for the auditor's report.

The third creditor meeting also approved the remuneration of Resolution Professional Alok Kumar Murarka at Rs 2 lakh a month, plus applicable Goods and Services Tax and actual out-of-pocket expenses, until an application for approval of a resolution plan is submitted. The fee thereafter is Rs 1 lakh a month, plus applicable tax and actual expenses, for the remaining period in which he continues in the CIRP.

TV Vision creditors additionally approved the appointment of Adv. Agam H. Maloo of Maloo & Co. for regular and routine CIRP matters. The resolution says the advocate had submitted the lowest quotation, or L-1, across substantially all items, and that legal fees, court filing or process fees and reimbursable out-of-pocket expenses will form part of CIRP costs under Regulation 31.

What are TV Vision's next disclosed resolution milestones?

TV Vision planned to issue its Request for Resolution Plans, or RFRP, and evaluation matrix to applicants on the final list on 12 November 2026. Creditors approved that proposal with 100% voting support, and the filing states that any modification to the RFRP or evaluation matrix requires prior Committee of Creditors approval under Regulation 36B(5).

The RFRP approval followed publication of Form G, the invitation for expressions of interest, on 28 September 2026. Creditors also approved consideration of four expressions of interest received after the 6 p.m. deadline on 13 October 2026: those from Jeetendra Kanunga, Vikas Gupta, Aspect Global Ventures India Pvt. Ltd. and Advantech Technology Pvt. Ltd., subject to document-based eligibility verification.

Creditors rejected a separate proposal to allow future Committee of Creditors meetings at notice of not less than 24 hours, with 100% voting weight against it. The filing does not say when Vijay Garg & Associates will complete its work, whether the audit will lead to further action, or whether it will affect the assessment of any resolution plan.

Conclusion

TV Vision's creditors chose a Rs 4.80 lakh audit of transactions spanning 4 May 2016 to the 30 July 2026 insolvency commencement date. The result rejected both a narrower Rs 2.75 lakh review beginning in July 2024 and a broader Rs 7.50 lakh review beginning in July 2007, with Punjab National Bank's 98.19% voting weight determining each outcome.

The next disclosed event is the planned 12 November 2026 issue of the RFRP and evaluation matrix to applicants on the final list. The key unresolved matters are the eligibility verification of four late expressions of interest and the timetable and findings of the forensic audit, neither of which was disclosed in the 3 November 2026 filing.