TV Vision CIRP 2026: NCLT admits ₹294.65 cr PNB plea

CIRP begins after NCLT Mumbai order

TV Vision Limited has moved into the Corporate Insolvency Resolution Process (CIRP) following an order by the National Company Law Tribunal (NCLT), Mumbai Bench. The tribunal admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The order is dated July 30, 2026, and the company confirmed the development to stock exchanges in a regulatory filing dated July 31, 2026. The insolvency petition was filed by Punjab National Bank (PNB), described as the lead lender. The NCLT admission shifts the company into a court-supervised resolution framework.

Default amount cited in the filings

The insolvency action relates to an alleged financial default of ₹294.65 crore (also reported as ₹294.66 crore owed to PNB in the company’s exchange disclosures). The case is titled Punjab National Bank vs TV Vision Limited. The case number is C.P. (IB)/143(MB)2026, with a citation referenced as 2026 LLBiz NCLT (MUM) 779. The disclosure places the debt figure at the centre of the process as creditors and stakeholders assess the company’s position under the IBC framework.

Interim moratorium under Section 14 of IBC

With the CIRP admission, a moratorium has come into force under Section 14 of the IBC. As described in the filing, the moratorium halts all pending or fresh legal proceedings against the company during the resolution period. It also restricts enforcement of judgments, transfer or disposal of assets, and certain debt enforcement actions. The moratorium is intended to preserve the company’s assets and operations while a resolution is explored. TV Vision is expected to function as a going concern during this period, under the oversight defined by the IBC.

Board powers suspended; management shifts to the IRP

A key change is the suspension of the powers of TV Vision’s board of directors following the NCLT order. The order suspended the powers of the board, including chairman and managing director Ravi Gautam Adhikari, and transferred management of the corporate debtor to the interim resolution professional. This means operational and compliance responsibilities move from the board to the insolvency professional during the CIRP. The shift is significant for governance, because statutory disclosures, decision-making, and process compliance now run through the IRP.

Alok Kumar Murarka appointed Interim Resolution Professional

Mr. Alok Kumar Murarka has been appointed as the Interim Resolution Professional (IRP) for TV Vision. The filing notes that he is registered with the Insolvency and Bankruptcy Board of India (IBBI). His registration number is IBBI/IPA-001/IP-P-01934/2019-2020/13006, and he signed communications to the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE). Under the IBC framework, the IRP is responsible for managing the affairs of the company during CIRP and ensuring required disclosures to regulators and stakeholders.

Public announcement, claims window, and reporting to NCLT

As part of the insolvency process steps referenced in the disclosures, creditors were invited to submit claims by August 13, 2026. The order also directs the IRP to make a public announcement inviting claims from creditors, take charge of the company’s management, and submit periodic progress reports to the tribunal. Separately, TV Vision’s disclosures state that the IRP will submit monthly progress reports to the NCLT. These steps are standard building blocks of CIRP, aimed at collecting verified creditor claims and ensuring the tribunal receives regular updates.

PNB asked to fund initial CIRP costs

The NCLT order also includes an initial funding direction for process expenses. PNB has been directed to deposit ₹3,00,000 (₹0.03 crore) towards initial CIRP expenses. The disclosure also states that the IRP will receive an initial funding of ₹3,00,000 from PNB to cover CIRP costs. This funding is meant to enable essential process activities at the start of the insolvency period, including filings, notices, and other procedural requirements.

Financial disclosures: Q1 results approved by the IRP

Amid the ongoing insolvency proceedings, the IRP approved the unaudited financial results for the quarter ended June 30, 2026. The company indicated that operational activity continued to decline during the period. The meeting to approve these results was convened by the IRP on August 18, 2026. In the same context, the Q1 FY27 results are described as reporting a consolidated net loss of ₹3.64 crore. The disclosures and the annual report narrative referred to revenue being sharply lower and losses widening, without specifying the revenue figure in the text provided.

Dispatch update shared with exchanges in September

TV Vision also informed stock exchanges on September 9, 2026 that a dispatch process had been completed on September 7, 2026. The company noted it was under CIRP at the time of this communication. The IRP, Alok Kumar Murarka, is identified as serving in that capacity across these communications. The dispatch note signals that despite the insolvency framework, routine compliance communications with exchanges continued.

Stock price reference in the disclosures

One data point cited alongside these updates is the stock price. TVVISION’s stock price is stated as ₹3.57 as of August 23, 2026. The filing does not provide context on price movement over a period, so the figure stands as a single reference point. For market participants, such reference points often appear in summaries of developments, but the key driver here remains the CIRP admission and the moratorium constraints.

Key facts table

Company and filing identifiers cited

The filings include TV Vision’s corporate and contact identifiers. The company’s website is listed as www.tvvision.in. The office address appears as 7th Floor, Adhikari Chambers, Oberoi Complex, New Link Road, Andheri (West), Mumbai 400053. The communications also include the company’s email cs@tvvision.in and telephone numbers as part of standard disclosure formats. The corporate identification number is referenced as L64200MH2007PLC172707 in the text provided.

Why the development matters for shareholders and creditors

The insolvency admission, moratorium, and board suspension collectively reshape how decisions are made at TV Vision during the resolution period. With management vested in the IRP, disclosures to BSE and NSE, creditor claim verification, and procedural reporting to the NCLT become central to the company’s near-term operations. The initial CIRP cost funding by PNB, and the stated requirement for monthly progress reports to the NCLT, underline that the process will be closely monitored and documentation-heavy. Separately, the approval of unaudited quarterly results under the IRP indicates that financial reporting and compliance are expected to continue under the insolvency framework.

Conclusion

TV Vision’s entry into CIRP following the NCLT Mumbai Bench order dated July 30, 2026 marks a formal transition from board-led management to an insolvency resolution process led by the IRP, Alok Kumar Murarka. With a Section 14 moratorium in place and creditor claims invited by August 13, 2026, the next milestones will centre on claim verification and the IRP’s periodic reporting to the NCLT.