Mumbai News: NCLT Orders Liquidation Of Viztar International After Failure To Find Resolution Plan Under Insolvency Proceedings

Mumbai, April 4: The National Company Law Tribunal (NCLT), Mumbai Bench, has ordered the liquidation of Viztar International Private Limited after multiple attempts to revive the debt-ridden company failed to attract any viable resolution plan.

In an order passed, it allowed an application filed by Resolution Professional Kshitiz Gupta under Section 33 of the Insolvency and Bankruptcy Code (IBC), directing that the company be liquidated in accordance with law.

Company faced liabilities of Rs 7.87 crore

Viztar International, a Mumbai-based private limited company engaged in trading and allied commercial activities, had slipped into financial distress with admitted liabilities of around Rs 7.87 crore, including financial debt and statutory dues. The insolvency proceedings were initiated on February 20, 2025, following a plea by its sole financial creditor, Sahil Deepak Surve.

No resolution plan leads to liquidation order

Accepting the CoC’s decision, the NCLT observed that in the absence of a resolution plan, it was statutorily bound to order liquidation under the IBC.

“The Authority is left with no other option except to pass an order for liquidation… considering the fact there is no resolution plan,” the bench noted.

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Liquidator appointed to oversee process

The tribunal appointed insolvency professional Sanjay Vijay Jeswani as the liquidator to conduct the liquidation proceedings. It directed him to make a public announcement and proceed strictly in accordance with the provisions of the IBC and the Insolvency and Bankruptcy Board of India regulations.

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