# In the matter of Payism Technologies India Private Limited

> NCLT judgment dated 2024-02-06. Citation: TCN-2024-NCLT-02757. The Resolution Professional of Payism Technologies India Private Limited filed an application…

- **Court:** NCLT
- **Order date:** 6 Feb 2024
- **Citation:** TCN-2024-NCLT-02757
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/payism-technologies-india-private-limited-1672ee08

## Summary

### Background

The Resolution Professional of Payism Technologies India Private Limited filed an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. The CIRP was initiated on 17.06.2022, and the applicant was appointed as Interim Resolution Professional, later confirmed as Resolution Professional. Public announcement was made on 24.06.2022, calling for claims from creditors. The Committee of Creditors (CoC) was constituted with two financial creditors. Several CoC meetings were convened, but no resolution plan was received. The CIRP period expired on 14.12.2022.

## Facts

Payism Technologies India Private Limited was incorporated on 26.11.2013. The company is engaged in the business of information technology and related services. The CIRP was initiated on 17.06.2022. The Applicant was appointed as Interim Resolution Professional and later confirmed as Resolution Professional. A public announcement was made on 24.06.2022, calling for claims from creditors. The Committee of Creditors (CoC) was constituted with two financial creditors: Mr. Nune Chiranjeevi Nagaraju and Mr. Nune Kiran Kumar. Several CoC meetings were convened, but no resolution plan was received. The CIRP period expired on 14.12.2022. The Resolution Professional requested the CoC to disburse his fees, but the CoC only approved expenses for the IRP period. The CoC sought

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(1)(a) of the IBC, …

**Ratio:** Section 33(1)(a) of the IBC, 2016 allows for the initiation of liquidation proceedings

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**Reasoning:** The court reasoned that the maximum period for the completion of the CIRP had already

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**Interpretation:** Section 33(1)(a) is interpreted to mean that if the CIRP period expires without

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**Application:** The court applied this ratio to the present case, noting that the CIRP period

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Nune Chiranjeevi…
- **Respondents:** Payism Technologie…; Payism Technologie…

## Timeline

- **2013-11-26 — Incorporation of…**: Payism Technologies India…
- **2022-06-17 — CIRP Init…**: CIRP initiated vide order dated 17.06.2022, admitting the Company Petition bearing CP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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