NCLT Admits Paytm’s Plea, Begins Insolvency Against Eyemyeye for ₹3 Crore Dues
Tribunal initiated the Corporate Insolvency Resolution Process (CIRP) against Eyemyeye Private Limited for a total operational debt of Rs 3,03,53,925.94.
The National Company Law Tribunal (NCLT), Chandigarh Bench, has admitted an insolvency petition filed by One97 Communications Ltd. (Paytm) under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Eyemyeye Pvt. Ltd., over alleged default of ₹3.03 crore in operational dues. The petition arose after Eyemyeye failed to clear invoices for digital advertising...
The National Company Law Tribunal (NCLT), Chandigarh Bench, has admitted an insolvency petition filed by One97 Communications Ltd. (Paytm) under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Eyemyeye Pvt. Ltd., over alleged default of ₹3.03 crore in operational dues.
The petition arose after Eyemyeye failed to clear invoices for digital advertising and promotional services availed from Paytm since April 2022. Despite reminders and recovery notices, only one payment of ₹17.55 lakh was made, leaving substantial dues unpaid. Paytm issued a statutory demand notice in July 2024, but no settlement materialised.
Proceedings before the Tribunal went ex parte as Eyemyeye did not appear despite service of notice.
The operational creditor, Paytm, placed on record authenticated NeSL default records, bank certificates, and invoices establishing the debt. The Tribunal noted that the operational debt exceeded the statutory threshold, there was no pre‑existing dispute, and the demand notice had been duly served.
The tribunal observed that, “We are of the considered view that the present petition satisfies the conditions specified under Section 9(5)(i) of the Insolvency and Bankruptcy Code, 2016. The operational debt is above the statutory threshold, the default is clearly established, no pre-existing dispute has been brought on record, and the statutory notice under Section 8 has been duly issued. No IRP has been proposed by the petitioner. “
The bench of Khetrabasi Biswal (Judicial Member) and Shishir Agarwal (Technical Member) relied on the rulings that Mobilox Innovations v. Kirusa Software (2018), the Bench held that the conditions under Section 9(5)(i) of the IBC were satisfied.
Consequently, the petition was admitted, and a moratorium under Section 14 was declared, prohibiting suits, asset transfers, and enforcement actions against Eyemyeye during the insolvency process.
The tribunal appointed Sanjay Kumar Aggarwal as the Interim Resolution Professional (IRP) to take charge of Eyemyeye’s management and conduct the Corporate Insolvency Resolution Process (CIRP). Paytm was directed to deposit ₹4 lakh towards initial CIRP costs.
Accordingly, the application was allowed, and CIRP against Eyemyeye Pvt. Ltd. commenced with immediate effect.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
