VISA Steel : Corporate Insolvency Resolution Process

Ajay Kumar Agarwal

FCS, Insolvency Professional

NOTICE OF

THE FIRST MEETING OF THE

COMMITTEE OF CREDITORS OF

VISA STEEL LIMITED

NOTICE is hereby given that the First Meeting of the Committee of Creditors of M/s Visa Steel Limited will be held on Monday, the 26th day of December, 2022, at 03.00 pm at Stressed Assets Management Branch - I, Nagaland House, 8th Floor, 11 & 13, Shakespeare Sarani Kolkata - 700071 to discuss the business as specified in the enclosed Agenda.

The participants may also attend the aforementioned meeting through video conferencing or other audio and visual means. If any participant desires to attend the aforementioned Meeting through such means, may kindly inform the undersigned at least 48 hours before the time fixed for the meeting. It is to be noted that the participants attending the aforementioned meeting through video conferencing would also be considered as part of quorum for the aforementioned meeting and a roll call will be carried out as per Regulation 24 (2) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for such Participants.

You are requested to kindly make it convenient to attend the meeting.

sd/-

CS AJAY KUMAR AGARWAL

Interim Resolution Professional

In the matter of VISA Steel Limited

(Undergoing Corporate Insolvency Resolution Process)

Registered Address: Plot No. IID/31/1, Street No. 1111,

PS QUBE, Unit Number 1015A, 10th Floor,

Beside City Centre 2, Kolkata - 700161

Phone: +91 9883362775

Email: cs.aaa.2014@gmail.com; cirp.visasteel@gmail.com

Date: 21.12.2022

Place: Kolkata

Encl: Agenda for the First Meeting of Committee of Creditors.

• • PLOT NO. IID/31/1, STREET NO. 1111, (Beside City Centre 2) PS QUBE, UNIT NUMBER 1015A, 10th FLOOR, KOLKATA- 700161.
• E-mail:cs.aaa.2014@gmail.com; Contact no:+91 9883362775 (M)

Ajay Kumar Agarwal

FCS, Insolvency Professional

As per provisions of Section 18(1)(b) of the IBC, 2016, it is the duty of the Interim Resolution Professional (IRP) to receive, and collate all claims submitted by the creditors to him pursuant to the direction of Hon'ble NCLT Cuttack Bench:

The IRP has received claims from Financial Creditors in Form C and the Operational Creditors in Form B. The IRP has presently admitted the claims of such creditors provisionally as the validation for the same through the documents provided is still going as we have asked for some additional documents from the claimants.

The IRP has also intimated the Directors of the suspended Board of the Corporate Debtor (CD) to provide books of account and ledgers in order to verify and admit the claims. However, till date, the relevant documents have not been received from the said Directors or the CD. In this context, the final amount of the claims may vary depending on further validation.

A list of the claims is available for inspection during the Committee of Creditors (COC) meeting and also in the office of the IRP.

As per provisions of Section 18(1)(c) of the IBC, 2016, it is the duty of the IRP to constitute the CoC. We constituted the CoC on 20/12/2022 and a list of Members of the CoC will be provided to the Members of the Committee of Creditors for verification in the meeting.

4. To take note of the action taken by the Interim Resolution Professional

• Creation of case-specifice-mail address:
  The IRP immediately after receiving the order from Hon'ble NCLT created a case-specifice-mail address for submission of claims to ensure reliability and more responsiveness towards the stakeholders and other affairs of the Corporate Debtor
• Filing of INC-28 with the Ministry of Corporate Affairs (MCA)

• • PLOT NO. IID/31/1, STREET NO. 1111, (Beside City Centre 2) PS QUBE, UNIT NUMBER 1015A, 10th FLOOR, KOLKATA- 700161.
• E-mail:cs.aaa.2014@gmail.com; Contact no:+91 9883362775 (M)

Ajay Kumar Agarwal

FCS, Insolvency Professional

The IRP informed the members that in compliance with the circular dated 18/02/2020 (General Circular No. 08/2020) the IRP has filed INC-28 with MCA for the initiation of CIRP in the matter for which confirmation has also been received from the authorities.

• Publication of Public announcement in Form A in widely circulated newspapers:
  The IRP made a public announcement in Form A on 30/12/2022 in two widely circulated newspapers in West Bengal One in Business Standard, English Language (Kolkata Edition), and in Ekdin, Bengali Language (West Bengal Edition), and in two widely circulated newspapers in Odisha One in Business Standard, English Language (Bhubaneswar Edition), and Pratidin, Orissa Language (Bhubaneswar Edition) inviting claims from the creditors of the Corporate Debtor (CD), till 13/12/2022.
• Intimation letters and emails sent to directors, KMPs, financial institutions and statutory authorities, banks, auditors, creditors
• • Pursuant to the appointment of the undersigned as the IRP, letters of intimation of CIRP, email, and follow-up reminder emails were sent to the suspended board of directors of the CD for seeking requisite information.
  • Emails of intimation of CIRP and reminders were sent to the CD seeking requisite information. Quite some of the information/ documents sought from the Directors are yet to receive from them.
  • The IRP has also sent intimation letters and emails to the statutory authorities such as the Registrar of the Company, Bombay Stock Exchange, National Stock Exchange, Electricity Department, Chief Commissioner of Central Excise and Service Tax, Chief Commissioner of GST, VAT Department, Provident Fund Office, ESIC, and others.

• • PLOT NO. IID/31/1, STREET NO. 1111, (Beside City Centre 2) PS QUBE, UNIT NUMBER 1015A, 10th FLOOR, KOLKATA- 700161.
• E-mail:cs.aaa.2014@gmail.com; Contact no:+91 9883362775 (M)

Ajay Kumar Agarwal

FCS, Insolvency Professional

Bank Account

• The Hon'ble NCLT Cuttack Bench initiate CIRP against the CD vide order dated 28/11/2022 and it appointed Mr. Ajay Kumar Agarwal as IRP. In view of the above, the IRP is to operate and conduct the CIRP for the CD in a time-bound manner. The IRP has submitted the requisite documents to open a new account namely - "VISA STEEL LIMITED" with Punjab National Bank for the conducting CIRP of the CD and carrying out the CIRP-related expenses through the said account, the confirmation of the Account is still awaited from PNB.
• Visit the office of the CD

On 01/12/2022, the team of the IRP visited the Corporate office of the Corporate Debtor situated at VISA House, 8/10 Alipore Road, Kolkata - 700027, and met with the Chairman, MD, CFO, and CS of the CD and handed over a list of requisition - details of the records and documents that were to be shared with the IRP.

Further, the IRP also visited the Registered office and plant of the CD at Bhubaneswar and Jajpur respectively. Details of the visit and observations thereof would be discussed during the meeting. The IRP has pasted the CIRP commencement order on the property, collected stock report, the IRP had deployed 20 security guards (including day and night) at the gates of the plant for round-the-clock security of the plant till the same is officially handed over by the Directors & KMPs.

• Appeal and Interlocutory Application filed before Hon'ble NCLAT, New Delhi
• 1. CD filed an appeal against the order dated 28.11.2022 in CP. No.

• • PLOT NO. IID/31/1, STREET NO. 1111, (Beside City Centre 2) PS QUBE, UNIT NUMBER 1015A, 10th FLOOR, KOLKATA- 700161.
• E-mail:cs.aaa.2014@gmail.com; Contact no:+91 9883362775 (M)