Achhru Ram Jindal Vs Zebyte Rental Planet Private Limited (NCLT Allahabad)
Summary: The National Company Law Tribunal, Allahabad Bench, Prayagraj admitted the Section 7 application filed by Mr. Achhru Ram Jindal and 25 others, as Financial Creditors, against M/s Zebyte Rental Planet Private Limited and initiated Corporate Insolvency Resolution Process (CIRP). The application was filed on 14.10.2025 and disclosed total financial debt of Rs. 1,63,99,544.77, with 31.10.2024 stated as the first date of default.
The Applicants’ investment arrangement involved two interconnected agreements. Under the Asset Sale and Partner Programme Agreement (ASA) with Vuenow Marketing Services Limited (VMSL), the Applicants purchased one-terabyte cloud storage units described as “Particles”. Under the Asset Monetising Program Agreement (AMPA) with Zebyte, VMSL’s marketing affiliate, the purchased particles were immediately leased back for their serviceable life, with Zebyte contractually required to pay agreed monthly returns for up to 120 months or 10 years. The Applicants stated that they invested Rs. 2,78,02,432.29 and received payments only up to September 2024, after which monthly payments were not maintained.
The Corporate Debtor did not respond to the demand notice dated 18.08.2025 or participate effectively in the proceedings despite repeated opportunities and newspaper publication. After a final opportunity to file a reply was given on 08.06.2026, the Corporate Debtor still did not respond and was ultimately set ex parte on 04.08.2026.
