# Annu Jaiswal vs. Paymark Payment Technologies & Services Private Limited

> NCLT judgment dated 2026-09-08. Citation: TCN-2026-NCLT-01016. Paymark Payment Technologies & Services Private Limited (Corporate Debtor - CD) was admitted…

- **Court:** NCLT
- **Order date:** 8 Sept 2026
- **Citation:** TCN-2026-NCLT-01016
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/annu-jaiswal-vs-paymark-payment-technologies-services-private-limited-s3u7b

## Summary

### Background

Paymark Payment Technologies & Services Private Limited (Corporate Debtor - CD) was admitted into Corporate Insolvency Resolution Process (CIRP) on December 13, 2024, with Mr. Hansraj Jaria appointed as the Interim Resolution Professional (IRP). A public announcement was made, and the Committee of Creditors (CoC) was constituted. Initially, Youngster Projects Private Limited's resolution plan was approved by the CoC, but they subsequently withdrew due to medical and financial hardship, leading to the forfeiture of their Earnest Money Deposit (EMD). Following this, Standard Capital Markets Limited submitted a new resolution plan, which was unanimously approved by the CoC with a 100% voting share.

## Facts

The Corporate Debtor (Paymark Payment Technologies & Services Private Limited) was admitted into Corporate Insolvency Resolution Process (CIRP) by an order dated 13th December, 2024.

Mr. Hansraj Jaria was appointed as the Interim Resolution Professional (IRP) for the Corporate Debtor.

A public announcement of the CIRP initiation was published on 19th December, 2024, in Business Standard (English) and Aajkal (Bengali) and Ekdin (Bengali) newspapers.

The last date for submission of claims as per the public announcement was 01st January, 2024.

The Committee of Creditors (CoC) was constituted by the IRP on 8th January, 2025, comprising one unsecured Financial Creditor.

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Standard Capital Markets Limited, having been approved by …

**Ratio:** The Resolution Plan, approved by the CoC with 100% voting share, is found to be viable

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**Reasoning:** The RP submitted a compliance certificate (Form H) confirming that the SRA met

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**Interpretation:** The NCLT's role is to scrutinize the plan for compliance with the IBC and

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**Application:** The NCLT approved the Resolution Plan submitted by Standard Capital Markets

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## Parties

- **Judges:** BIDISHA BANERJEE,…; REKHA KANTILAL…
- **Appellants:** Annu Ja…; Hansraj…
- **Respondents:** Paymark Payment…; ICICI Bank…
- **Other parties:** Committee of…; Ram Gopal…; +20 more
- **Advocates:** Shaunak…; Mohit S…; +4 more

## Timeline

- **2024-01-01 — Last Date for Claims…**: The last date for submissions of claim as per the public announcement was 01st January,…
- **2024-12-13 — CIRP Initiation and IRP…**: The Corporate Debtor (Paymark Payment Technologies & Services Private Limited) was…

## Legal provisions

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

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