AKB Ventures LLP Vs Manindra Kumar Tiwari Resolution Professional of Paytail Commerce Pvt. Ltd. & Ors. (NCLAT Delhi)
Summary:The NCLAT Delhi considered an appeal against the order dated 21.07.2026 passed by the NCLT, Chandigarh Bench (Court-II), in IA No.4 (CH)/2025, whereby the Resolution Plan submitted by AKB Ventures LLP was rejected despite approval by the Committee of Creditors of Paytail Commerce Private Limited with 83.97% voting share. The appellant submitted that the Resolution Plan had been rejected on the ground that it was an unsecured financial creditor falling under the caption “related party” and had a claim of Rs.11,12,50,000/-. It was further submitted that shares were issued to the appellant for Rs.1,10,850/- and that the Adjudicating Authority rejected the issuance because the shares were issued at a very low value. The appellant contended that, under Regulation 37 of the IBC read with Section 2(81) of the Companies Act and Section 2(h) of the Securities Contracts (Regulation) Act, 1956, it was within its right to issue such shares and valuation was never relevant. During the appeal, another financial creditor, Cholamandalam Investment and Finance Company, sought to participate and proposed to seek impleadment. NCLAT directed an impleadment application to be filed within a week, stayed the directions contained in paragraphs 20 and 21 of the impugned order, directed the Resolution Professional to preserve the Corporate Debtor’s assets, and listed the appeal for 14.09.2026.
