# Mr. Hansraj Jaria, RP of Paymark Payment Technologies & Services Private Limited vs. Paymark Payment Technologies & Services Private Limited

> NCLT judgment dated 2026-09-08. Citation: TCN-2026-NCLT-01047. Paymark Payment Technologies & Services Private Limited (CD) was admitted into Corporate…

- **Court:** NCLT
- **Order date:** 8 Sept 2026
- **Citation:** TCN-2026-NCLT-01047
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/mr-hansraj-jaria-vs-paymark-payment-technologies-services-private-limited-7ucnm

## Summary

### Background

Paymark Payment Technologies & Services Private Limited (CD) was admitted into Corporate Insolvency Resolution Process (CIRP) on December 13, 2024, with Mr. Hansraj Jaria appointed as Interim Resolution Professional (IRP), later confirmed as Resolution Professional (RP). Claims were received from one unsecured financial creditor (Annu Jaiswal) and one operational creditor (Government dues), leading to the constitution of the Committee of Creditors (CoC). An initial resolution plan by Youngster Projects Private Limited was approved by the CoC but subsequently withdrawn due to medical and financial hardships, resulting in the forfeiture of its Earnest Money Deposit (EMD).

## Facts

Paymark Payment Technologies & Services Private Limited (CD) was admitted into Corporate Insolvency Resolution Process (CIRP) on 13th December, 2024.

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

A public announcement of CIRP initiation was made on 19th December, 2024, with the last date for claims being 01st January, 2024.

Claims were received from one unsecured financial creditor and one operational creditor (Government dues).

The Committee of Creditors (CoC) was constituted on 8th January, 2025, comprising one unsecured financial creditor.

The first CoC meeting was held on 16th January, 2025, where Mr. Hansraj Jaria was confirmed as the Resolution Professional (RP) with 100% voting approval.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority (NCLT) has the discretion to scrutinize a resolution plan beyond …

**Ratio:** If the CoC approves a resolution plan by the requisite voting share, the Resolution

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**Reasoning:** Section 30(2) outlines specific requirements for a resolution plan, such as providing for

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**Interpretation:** The NCLT cannot interfere with the commercial wisdom of the CoC, which is

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**Application:** Since the Resolution Plan submitted by Standard Capital Markets Limited was

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## Parties

- **Judges:** BIDISHA BA…; Rekha Kantilal…
- **Appellants:** Hansraj…; Annu Ja…
- **Respondents:** Paymark Payment…; ICICI Bank…; +11 more
- **Other parties:** CoC…; Ram Gopal…; +10 more
- **Advocates:** Shaunak…; Mohit S…; +3 more

## Timeline

- **2024-12-13 — CIRP Admission and IRP…**: Paymark Payment Technologies & Services Private Limited (CD) was admitted into Corporate…
- **2024-12-19 — Public Announcement of…**: The public announcement intimating the…

## 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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