The National Company Law Tribunal (NCLT) initiated insolvency proceedings on Paytm’s holding company plea for initiating Corporate Insolvency ResolutionProcess (CIRP) in respect of Fabzen Technologies Private Limited, the Corporate Debtor, for Rs.3.41 Crores outstanding dues
The application was filed by One 97 Communications Limited (“Operational Creditor”) under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 .
One97 Communications Limited raised invoices for in-app advertising campaigns executed for Fabzen Technologies Private Limited from October 2024 onwards, with payment terms providing a 60-day…