# Mr. Achhru Ram Jindal & Ors. vs. M/s Zebyte Rental Planet Private Limited

> NCLT judgment dated 2026-08-20. Citation: TCN-2026-NCLT-00863. An application was jointly filed by Mr. Achhru Ram Jindal and 25 other Financial Creditors…

- **Court:** NCLT
- **Order date:** 20 Aug 2026
- **Citation:** TCN-2026-NCLT-00863
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/mr-achhru-ram-jindal-ors-vs-ms-zebyte-rental-planet-private-limited-15pso

## Summary

### Background

An application was jointly filed by Mr. Achhru Ram Jindal and 25 other Financial Creditors under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Zebyte Rental Planet Private Limited (Corporate Debtor). The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a financial debt of Rs. 1,63,99,544.77, with the date of default being 31.10.2024. The debt arose from a sale and leaseback arrangement of cloud storage units, structured through an Asset Sale and Partner Programme Agreement (ASA) and an Asset Monetising Program Agreement (AMPA), which the Financial Creditors argued constituted a financial lease.

## Facts

An application was jointly filed on 14.10.2025 by Mr. Achhru Ram Jindal and 25 Others as Applicants/Financial Creditors.

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Zebyte Rental Planet Private Limited (Corporate Debtor).

The total financial debt claimed is Rs. 1,63,99,544.77.

The date of default was declared as 31.10.2024, being the first date of default.

The Corporate Debtor and its associate company M/s Vuenow Marketing Services Limited (VMSL/Seller) entered into two agreements with the Applicants/Financial Creditors.

The agreements were an Asset Sale and Partner Programme Agreement (ASA) and an Asset Monetising Program Agreement (AMPA).

…

## Issues and analysis

### Issue 1: Whether the application is filed …

**Ratio:** The application was filed within the prescribed period of limitation of three years under

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**Reasoning:** The application was instituted on 14.10.2025. The cause of action for filing the

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**Interpretation:** Article 137 of the Limitation Act, 1963, provides a residual period of three

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**Application:** Since the application was filed on 14.10.2025, which is less than three years

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## Parties

- **Judges:** Sh. Praveen…; Sh. Ashish…
- **Appellants:** ACHHRU RAM…; MONICA KHA…; +22 more
- **Respondents:** M/s Zebyte Rental…
- **Other parties:** Dharmendra Kumar…
- **Advocates:** Sh. Arora Vishwas…; Sh. Sarabji…; +1 more

## Timeline

- **2024-10-31 — Date of D…**: The Corporate Debtor failed to make monthly payment dues from October 2024, marking the…
- **2025-08-18 — Demand Notice…**: Applicants served a demand notice for immediate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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