REPORT ON

“ Winding Up”

Group members: -
Name Roll no. Examination roll no.
Ratna Kumari (220667)- 22024503131
Sampurna (220675)- 22024503010
Shrishti (220688)- 22024503108
Ritika Kem (220672)- 22024503126
Rishika (220671)- 22024503021
 Visa power
INTRODUCTION
Visa Power Limited is a non-govt company, incorporated on 05 Oct, 2005.
It’s a public unlisted company and is classified as company limited by
shares.
Company’s authorized capital stands at Rs 160000.0 lakhs and has
25.392183% paid-up capital which is Rs 40627.49 lakhs. Visa Power
Limited last annual general meet (AGM) happened on 27 Sep, 2017. The
company last updated Its financials on 31 Mar, 2017 as per Ministry of
Corporate Affairs (MCA).
Visa Power Limited is majorly in Electricity, Gas & Water companies
business from last 18 years and currently, company operations are active.
Current board members & directors are RUPALI BASU, BRAJES
CHANDRA BHATTACHARYYA, RUPANJANA DE, VISHAMBHAR
SARAN, AMRENDRA PRASAD VERMA, RAJINDER SHARMA and
GUMMALLA RANGARAO.
Company is registered in Kolkata (West Bengal) Registrar Office. Visa
Power Limited registered address is 8/10 ALIPORE ROAD KOLKATA
WB 700027 IN.
.
WINDING UP OF A COMPANY

Step 1:
Directors/Partners of the company submit a declaration
The designated partners/majority of directors of the company have to
submit a declaration along with an affidavit stating that:
The company does not have any debts. If so, the company can settle all
the debts with the proceeds of the assets sold during the liquidation
process
The winding up is not initiated to defraud any individual or a corporate
person.
Step 2:
Convene a general meeting and pass a special resolution.
The designated partners are required to convene a general meeting. They
pass a special resolution to Appoint an Insolvency Professional (IP)
registered with the IBBI to act as a Liquidator
A resolution to liquidate the company voluntarily due to expiration of
time (If mentioned in the Articles of Association) or due to mutual
decision by the members
Step 3:
File with the Registrar of Company (ROC)
The Company shall then notify the ROC or the IBBI regarding the
resolution passed by the board members to liquidate the company.
Notification to the Board and ROC must be done within seven days of
passing the resolution.
Step 4:
The Liquidator takes over the company
Once the Adjudicating Authority passes an order for winding up of the
company/liquidation and appoints the liquidator, the liquidator takes
complete charge of the company, and the powers of the board of directors
are suspended. The company shall extend full cooperation to the
liquidator.
Step 5:
Make a Public announcement and verify all the claims.
During the winding up of the company, the liquidator, after being
appointed, must make a public announcement in one vernacular
language newspaper and an English newspaper. Post-publication, the
liquidator must consolidate all the claims received by financial (secured
and unsecured) creditors, Operational creditors, workmen and
employees, and other stakeholders.
Step 6:
Prepare a list of stakeholders
As per Regulation 30[1] of the Insolvency and Bankruptcy Board of India
(Voluntary Liquidation) Regulations, 2017, The Liquidator, after
verifying all the claims, must prepare a list of all the stakeholders to the
liquidation process based on the claims verified within 45 days from the
last date of receipt of claims.
Step 7: .
Form an opinion on all Preferential, Undervalued, Extortionate, and
Fraudulent Transactions
The liquidator at the relevant stage of liquidation/ winding up of the
company must form an opinion on the avoidance transactions. The
liquidator can appoint a transaction or Forensic auditor to determine the
company’s Preferential, Undervalued, Extortionate, and Fraudulent
Transactions.
Post Examination of the report from the transaction auditor or forensic
auditor, the liquidator must file an application with the Adjudicating
Authority stating all the avoidance transactions made by the Corporate
Debtor (If any)
The liquidator must establish that the transaction made was within one
year of the commencement date and two years of the commencement date
in case of related party transactions
Step 8:
Realisation and distribution of assets
The liquidator may value and sell the property/assets of the corporate
person in any manner approved by him. The liquidator must recover and
realise all available assets at the maximum value.
The money realised from the sale of assets shall be distributed
accordingly to all the stakeholders within six months of realising the
amounts. The costs incurred by the liquidator during the winding up of
the company/liquidation will be deducted before distributing the
amounts. The distribution shall be made as per Section 53 of IBC,2016.

Step 9: .
Timelines for Completion of liquidation while winding up of the company
The Liquidation process must be completed within a year of the
commencement of the winding up of the company/liquidation.
If the process exceeds 12 months, then the liquidator shall:
Convene a meeting with all the contributors/stakeholders within 15 days
from the last date of winding up of the company/liquidation
Step 10:
Submission of the Final report after the completion
When the company is wound up, the liquidator shall prepare and submit
a final report of the process containing the following:
Audited accounts of all the receipts and payments made by the liquidator
for and during the winding up of the company/liquidation process.

IMPORTANT DATES
1. Bank of Maharashtra-Financial creditor has filed this petition
under section 7 of Insolvency and Bankruptcy Code (I&B Code)
against M/s VISA power limited- corporate debtor to start corporate
Insolvency Resolution Process (CIRP) as they were unable to pay
debt of more than 29 crores.
2. 28/12//2017
IRP made public announcement of CIRP of the corporate debtor.
Mr. Anil Goel appointed as IRP. He called from the creditors their
claims with proof.
3. 06/01/2018 =
the last date for submission. IRP receives claims from financial as
well as operational creditors.
4. 28/01/2018
IRP got valued the assets of the corporate debtor. With the consent
of committee of creditors the RP published notice of inviting from
the perspective resolution applicants the Expression of Interest as
well as the resolution plans for the corporate debtors. But It
appeared that the RP and the CoC did not receive any resolution
plan within the CIRP period of 180 days.
5. 19/06/2018
RP published again notice calling for the resolution plans for
Corporate Debtor from the prospective applicants. Again, they did
not receive any resolution plans for corporate debtor during CIRP
period.
6. 17/09/2018
RP as per instructions of the CoC filed report stating that since
they did not receive any resolution plan for the corporate debtor,
they requested authority to pass the order of liquidation of the
corporate debtor as per Section 31 of the I&B code.
7. 11/10/2018
Court have gone through of all the meeting of CoC held by the RP
during CIRP period and court found that RP and CoC did all efforts
to get resolved insolvency of corporate debtor but they could not
succeed. In this situation, court see no alternative but to declare
corporate debtor stand liquidated as there was no resolution plan
resolved their insolvency. Court passes an order that the corporate
debtor to be liquidated in manner laid down in Chapter lll of part ll
of I&B Code. Court also passes an order under section 33 of the I&B
Code 2016 to start liquidation process of corporate debtor.
COMPANY DETAILS

1. Name of corporate VISA POWER LIMITED

Debtors
2. Date of incorporation of 5th OCTOBER 2005
corporate Debtor
3. Authority under which REGISTRAR OF COMPANIES,
corporate Debtor is WEST BENGAL
Incorporated/ Registered
4. Corporate Identity U40101WB2005PLC105797
Number of Corporate
Debtor
5. Address of the Registered 8/10, ALIPORE ROAD, KOLKATA
Office and Principal 700027
Office (if any) of corporate
Debtor
6. Date of closure of 10th OCTOBER 2018
insolvency Resolution
Process
7. Liquidation 11th OCTOBER 2018
commencement date of (By order of the hon’ble NCLT, Kolkata bench in
C.P. (I.B.) No. 574/KB/2017)
corporate Debtor
8. Name of Liquidator ANIL GOEL

Address of the Liquidator AAA insolvency Professional LLP

E-10A, Kailash Colony, Greater
Kailash, New Delhi 110048

Email Address of the Email Address registered with

liquidator IBBI:
anilgoel@aaainsolvency.com
Email Address for Communication:
visa.power@aaainsolvency.com.com

Telephone Number of the (011) 4666 4600

Liquidator
 Registration number of IBBI/IPA-001/IP-P00118/2017-
the Liquidator 18/10253
9. Last date for submission 10th NOVEMBER 2018
of claims

CLAIMS OF STAKEHOLDERS .

VISA POWER LIMITED- in Liquidation

List of Stakeholders
Version:1
(Pursuant to claims received and updated as on 10th November 2018, being the last date
of submission of claims)

(Under regulation 31 of the insolvency and bankruptcy board of India (Liquidation

process) Regulation, 2016)

sl. Category of stakeholder Amount claimed Amount of claim

no. (INR) admitted
(INR)

1. Financial Creditors 21,99,54,56,887 20,99,54,687

2. Operational Creditors- 19,07,77,41,778 8,67,60,19,650

other than workmen and
employees
3. Workmen and employees 44,95,961 39,02,259

4. Other stakeholders
- -

BANKRUPTCY
A consortium of 11 lenders were claiming to recover about Rs 1,900 crore
from the bankrupt Visa Power after the National Company Law Tribunal
(NCLT) admitted the firm for insolvency proceedings.
Bank of Maharashtra filed the application for bankruptcy proceedings.
Delhi based Anil Goel was appointed as the interim resolution
professional in this case. While the lead banker is Punjab National Bank,
other lenders include State Bank of India, Andhra Bank, Uco Bank,
United Bank of India, and Union Bank of India.
Visa Power’s troubles are traced back to the company's decision to set up
a 1,200 MW coalfired power project in Raigarh at a cost of about Rs 6,200
crore. The project was allotted 99.12 million tonnes of coal from the
Fatehpur East coal block in Chhattisgarh. However, the project ran into
rough weather due to cancellation of the coal block, the main resource.

Although the company management tried to arrange coal supplies from

overseas, it failed to come up with a fruitful option. Without access to a
key input like coal, the project became unviable. Efforts to bring in
strategic investors too failed due to the same reason. “The decision to
move NCLT was an amicable one involving the promoters and the
lenders, and aimed at arriving at a resolution of the company’s debt,” a
source close to the developments said.

Coal linkage is crucial for thermal projects, especially amid increasing

investments in solar energy, said an executive.
CONCUSION