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

> NCLT judgment dated 2026-08-20. Citation: TCN-2026-NCLT-00952. A joint application was filed on 14.10.2025 by Mr. Achhru Ram Jindal and 25 other Financial…

- **Court:** NCLT
- **Order date:** 20 Aug 2026
- **Citation:** TCN-2026-NCLT-00952
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/mr-achhru-ram-jindal-ors-vs-ms-zebyte-rental-planet-private-limited-jrtpz

## Summary

### Background

A joint application was filed on 14.10.2025 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 declared as 31.10.2024. The debt originated from a sale and leaseback arrangement involving cloud storage units, structured through an Asset Sale and Partner Programme Agreement (ASA) and an Asset Monetising Program Agreement (AMPA). The Financial Creditors contended that this arrangement constituted a finance lease, and the Corporate Debtor had defaulted on monthly payments since

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## Facts

An application was jointly filed on 14.10.2025 by Mr. Achhru Ram Jindal and 25 Others as Applicants/Financial Creditors under Section 7 of the IBC, 2016.

The application was filed against M/s Zebyte Rental Planet Private Limited, referred to as the Corporate Debtor.

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

The date of default was declared as 31.10.2024.

The Corporate Debtor and its associate M/s Vuenow Marketing Services Limited (VMSL/Seller) entered into two agreements with the Applicants: an Asset Sale and Partner Programme Agreement (ASA) and an Asset Monetising Program Agreement (AMPA).

Under these agreements, Applicants made one-time payments to purchase Cloud storage Units ('Particles') from VMSL.

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## Issues and analysis

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

**Ratio:** An application under Section 7 of the Insolvency and Bankruptcy Code, 2016, is considered

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**Reasoning:** The present application was instituted before the Tribunal on 14.10.2025. The cause of

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**Interpretation:** The three-year limitation period for filing an application under Section 7 of

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**Application:** Since the application was filed on 14.10.2025, and the date of default was

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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…
- **2025-08-18 — Demand Notice…**: Applicants served a demand notice for…

## 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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