# Amit Jain vs. Paytail Commerce Private Limited

> NCLT judgment dated 2026-07-21. Citation: TCN-2026-NCLT-00636. Mr. Manindra Kumar Tiwari, the Resolution Professional of Paytail Commerce Private Limited…

- **Court:** NCLT
- **Order date:** 21 Jul 2026
- **Citation:** TCN-2026-NCLT-00636
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/amit-jain-vs-paytail-commerce-private-limited-zxbao

## Summary

### Background

Mr. Manindra Kumar Tiwari, the Resolution Professional of Paytail Commerce Private Limited (Corporate Debtor), filed an application under Section 30(6) of the IBC, 2016, seeking approval of a Resolution Plan submitted by M/s AKB Ventures Pvt. Ltd. (Successful Resolution Applicant). The Corporate Debtor, incorporated on 07.09.2020, was admitted into CIRP under Section 7 on 12.08.2024, with Ms. Manisha Rawat initially appointed as IRP, later replaced by Mr. Manindra Kumar Tiwari. The Committee of Creditors (CoC) approved the Resolution Plan with an 83.97% voting share on 21.03.2025. The application for approval was filed on 30.04.2025, prior to the expiry of the extended CIRP period on 09.05.2025.

## Facts

Mr. Manindra Kumar Tiwari, Resolution Professional of Paytail Commerce Private Limited, filed an application IA(IBC)/4/(CH)/2025 under Section 30(6) of the IBC, 2016.

The application seeks approval of the Resolution Plan of M/s AKB Ventures Pvt. Ltd. (Successful Resolution Applicant) for Paytail Commerce Private Limited (Corporate Debtor).

The Resolution Plan was approved by the Committee of Creditors (CoC) with an 83.97% voting share in its 7th Meeting on 21.03.2025.

The Corporate Debtor, Paytail Commerce Private Limited, was incorporated on 07.09.2020 with CIN U72900HR2020PTC089043.

The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Code on 12.08.2024.

…

## Issues and analysis

### Issue 1: Whether the proposed restructuring mechanism, involving the issuance of equity shares/securities at …

**Ratio:** A resolution plan's restructuring mechanism, particularly concerning share issuance and

…

**Reasoning:** The Resolution Applicant failed to identify or explain any specific provision of the

…

**Interpretation:** The NCLT interpreted that while the IBC and CIRP Regulations (Section 5(26),

…

**Application:** The court applied this interpretation to the Resolution Plan, concluding that

…

## Parties

- **Judges:** KAUSHALENDRA…; KHETRABASI…
- **Appellants:** Manindra Kumar…
- **Respondents:** Paytail Commerce…
- **Other parties:** Committee of…; Amit…; +8 more
- **Advocates:** Gurcharan…; Amandeep…

## Timeline

- **2020-09-07 — Incorporation of…**: Paytail Commerce Private Limited was…
- **2022-10-30 — Publication o…**: Form G was published for inviting Expression of Interest (EOI) from Prospective…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/amit-jain-vs-paytail-commerce-private-limited-zxbao