The National Company Law Tribunal (NCLT) has rejected the resolution plan filed by AKB Ventures Pvt. Ltd. for Paytail Commerce Pvt. Ltd., observing that the suggested conversion of creditor dues into securities at ₹1,000 per share and further acquisition of such securities at ₹1 or ₹10 each has no legal or valuation foundation in view of the provisions of the Companies Act, 2013. Therefore, NCLT has directed for the liquidation of the Corporate Debtor under Section 33 of the Insolvency andBankruptcy Code (IBC).
Paytail Commerce providing services in the area of technology-based offline commerce and instant paperless EMI solutions, was referred for Corporate Insolvency Resolution Process (CIRP) under Section 7 of…