# In the matter of EYEMYEYE PRIVATE LIMITED

> NCLT judgment dated 2026-03-13. Citation: TCN-2026-NCLT-00226. ONE97 COMMUNICATIONS LIMITED (Paytm), the Operational Creditor/Applicant, filed an application…

- **Court:** NCLT
- **Order date:** 13 Mar 2026
- **Citation:** TCN-2026-NCLT-00226
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/eyemyeye-private-limited-2c618403

## Summary

### Background

ONE97 COMMUNICATIONS LIMITED (Paytm), the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against EYEMYEYE PRIVATE LIMITED, the Corporate Debtor/Respondent, due to an outstanding operational debt of Rs.3,03,53,925.94.

## Facts

One97 Communications Limited (Paytm) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Eyemyeye Private Limited.

The outstanding operational debt was Rs.3,03,53,925.94.

The Corporate Debtor issued its first release/purchase order to the Operational Creditor on 25.04.2022.

The Corporate Debtor made a payment of Rs.17,55,163/- on 16.07.2022 towards earlier Invoice No. 8308486508.

The Operational Creditor issued a demand notice under Section 8 of the Insolvency and Bankruptcy Code, 2016 on 01.07.2024.

The Corporate Debtor acknowledged the debt amount payable and has not raised any objections that could constitute a pre-existing dispute.

…

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation …

**Ratio:** The application is maintainable if the conditions specified under Section 9(5)(i) of the

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**Reasoning:** The Adjudicating Authority considered the pleadings, written submissions, and material

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**Interpretation:** The Adjudicating Authority must be satisfied as to the existence of a default

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**Application:** The Adjudicating Authority found that the conditions under Section 9(5)(i) were

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## Parties

- **Judges:** KHETRABASI…; SHISHIR A…
- **Appellants:** ONE97 COMMUNICATIO…; ONE97 COMMUNICATIO…
- **Respondents:** EYEMYEYE PRIVATE…
- **Other parties:** Sanjay Kumar…
- **Advocates:** Shikhar…

## Timeline

- **2022-04-25 — Issuance of First…**: The Corporate Debtor issued its first…
- **2022-07-16 — Partial P…**: The Corporate Debtor made a payment of Rs.17,55,163/- towards earlier Invoice No.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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