# In the matter of Payism Technologies India Private Limited

> NCLT judgment dated 2025-02-19. Citation: TCN-2025-NCLT-00461. The case involves an application filed by the Liquidator of Payism Technologies India Private…

- **Court:** NCLT
- **Order date:** 19 Feb 2025
- **Citation:** TCN-2025-NCLT-00461
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/payism-technologies-india-private-limited-999083a7

## Summary

### Background

The case involves an application filed by the Liquidator of Payism Technologies India Private Limited under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking dissolution of the corporate debtor and discharge of the Liquidator from his duties. The liquidation process was initiated following an order by the National Company Law Tribunal (NCLT), Hyderabad Bench, after the corporate debtor was admitted into liquidation. The liquidator made efforts to convene meetings of the Stakeholders Consultancy Committee (SCC), but the financial creditors showed reluctance to participate or submit their claims. The liquidator also filed necessary reports and memorandum before the NCLT.

## Facts

Payism Technologies India Private Limited, a private limited company incorporated in India, was undergoing liquidation under the Insolvency and Bankruptcy Code, 2016. The Corporate Identity Number (CIN) of the company is U72200TG2013PTC091292. The liquidation process was initiated following an order by the NCLT, Hyderabad Bench. Mr. Kasi Srinivas was appointed as the Liquidator to conduct the liquidation process. A public announcement was made regarding the initiation of the liquidation process, calling for stakeholders to submit their claims. The first meeting of the Stakeholders Consultancy Committee (SCC) was conducted, but the creditors were unwilling to submit their claims. The liquidator filed the Asset Memorandum, List of Stakeholders, and Preliminary Report

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Payism Technologies India Private …

**Ratio:** Section 54 of the IBC, 2016, and Regulation 14 of the IBBI (Liquidation Process)

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**Reasoning:** The court reasoned that the liquidator had complied with the necessary procedures and

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**Interpretation:** Section 54 and Regulation 14 allow for the dissolution of a corporate debtor

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**Application:** The court applied the provisions of Section 54 and Regulation 14 to the facts

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## Parties

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

## Timeline

- **2024-02-06 — Liquidation…**: The Authority ordered for liquidation of the Corporate Debtor and appointed Mr.Kasi…
- **2024-09-05 — Liquidator Knowledge of…**: The Liquidator submitted that the information regarding Liquidation of the CD and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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