# Kiranakart Technologies Pvt. Ltd. vs. Hyretail Technologies Pvt. Ltd.

> NCLT judgment dated 2026-09-10. Citation: TCN-2026-NCLT-01015. Kiranakart Technologies Pvt. Ltd. (now Zepto Private Limited) initiated Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 10 Sept 2026
- **Citation:** TCN-2026-NCLT-01015
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kiranakart-technologies-pvt-ltd-vs-hyretail-technologies-pvt-ltd-am5qu

## Summary

### Background

Kiranakart Technologies Pvt. Ltd. (now Zepto Private Limited) initiated Corporate Insolvency Resolution Process (CIRP) against Hyretail Technologies Pvt. Ltd. under Section 9 of the IBC. Mr. Arunava Sikdar was appointed as the Interim Resolution Professional (IRP) and subsequently the Resolution Professional (RP). Despite efforts, including inviting Expressions of Interest (EOIs), no resolution plan was received for the Corporate Debtor. The suspended management also demonstrated continuous non-cooperation, failing to provide complete financial records and assets.

## Facts

CP (IB) No. 301/Chd/Hry/2023 was filed by Kiranakart Technologies Private Limited (now Zepto Private Limited) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Hyretail Technologies Pvt. Ltd.

The Adjudicating Authority admitted the application on 09.05.2025, initiating CIRP against Hyretail Technologies Pvt. Ltd. and appointing Mr. Arunava Sikdar as the Interim Resolution Professional (IRP).

A Public Announcement in Form A was made on 12.05.2025, published on 13.05.2025, inviting claims from creditors, with the last date for submission being 26.05.2025.

Claims were received from Employees' State Insurance Corporation, Faridabad, Kiranakart Technologies Private Limited, AU Small Finance Bank Limited, and Tata Capital Limited.

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33 of the Insolvency and Bankruptcy Code, 2016, for initiating …

**Ratio:** The CoC unanimously resolved to liquidate the Corporate Debtor under Section 33(2) of the

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**Reasoning:** The CIRP commenced on 09.05.2025, but despite public announcements and invitations for

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**Interpretation:** Section 33(2) of the IBC mandates that if the Adjudicating Authority does not

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**Application:** Given the CoC's 100% vote for liquidation and the absence of any viable

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## Parties

- **Judges:** Sh. Khetarabasi…; Sh. Shishir…
- **Appellants:** Kiranakart…; ArunavaS…; +1 more
- **Respondents:** Hyretail Technolog…
- **Other parties:** CoC…; AU Small Finance…; +5 more
- **Advocates:** Swastika…

## Timeline

- **2025-05-09 — CIRP Admi…**: Adjudicating Authority admitted CP(IB) No. 301/Chd/Hry/2023, initiating CIRP against…
- **2025-05-12 — Public Annou…**: Applicant (RP) made a Public Announcement in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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