In re Manindra Kumar Tiwari (NCLT Chandigarh)
Summary: The National Company Law Tribunal, Chandigarh Bench (Court-II), Chandigarh, considered an application filed by Mr. Manindra Kumar Tiwari, Resolution Professional of Paytail Commerce Private Limited, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by M/s AKB Ventures Pvt. Ltd. The plan had been approved by the Committee of Creditors with 83.97% voting share. The Tribunal ultimately rejected the Resolution Plan and directed liquidation of the Corporate Debtor.
Paytail Commerce Private Limited was admitted into Corporate Insolvency Resolution Process under Section 7 of the Code on 12.08.2024, with Ms. Manisha Rawat appointed as Interim Resolution Professional. The CoC subsequently resolved with 100% voting in favour of replacing the IRP with Mr. Manindra Kumar Tiwari as Resolution Professional. Four resolution plans were received, and following revision of the plans, the CoC approved the revised Resolution Plan of M/s AKB Ventures Pvt. Ltd. with 83.97% voting share at its meeting dated 21.03.2025. The order records that the CIRP period was extended by 90 days and that the application for approval was filed before expiry of the extended CIRP period, although the order contains both 01.05.2025 and 30.04.2025 as dates of filing at different places.
