VISA Steel: NCLT withdraws CIRP, closes insolvency process

VISA Steel Limited announced on September 26, 2025, that the National Company Law Tribunal (NCLT), Cuttack Bench, has approved the withdrawal of the application for initiating the corporate insolvency resolution process (CIRP) against the company. This decision, conveyed via an order dated September 26, 2025, formally closes the CIRP process.

The application for initiating CIRP against VISA Steel Limited was initially admitted under Section 7 of the Insolvency and Bankruptcy Code, 2016, by an NCLT Order dated November 28, 2022. However, this admission was subsequently stayed by the Orissa High Court through an Order dated December 21, 2022.

The recent NCLT ruling in 2025 reverses the previous proceedings, effectively concluding the insolvency resolution efforts against VISA Steel Limited. This development, communicated by Amisha Chaturvedi Khanna, company secretary and compliance officer, ensures the company is no longer under the CIRP framework.