In the matter of EYEMYEYE PRIVATE LIMITED

ffi ITATIONAL COMPAITT LAtrI TRIBUNAL CHANI'IGARH BENCH ICOURT-II' CHANDIGARH cP (IBl No. 67lChd/HtY I 2025 [under section 9 of the lrsoluencg and Bankruptcg code, 2016 read with Rule 6 of -the lt*oluencg and Bankruptcg (Application to Adjudicating Authoitg) Rules' 2016) In the matter of: ONE97 COMMUNICATIONS LIMITED Registered Oflice: No.136, First Floor, Devika Tower, Nehru Place, New Delhi - 110019. Corporate Office: One Skymark, Tower-D, Plot No. H-108, Sector-98, Noida-2O1304. Email: keshav 1. deep@PaYtm.com. Mobile: +91 981 1144994. Applicant/Operational Creditor Versus ETEMTEYE PRWATE LIMITED Registered office: l, A-8, Infocity Sector 34, Gurugram, Haryana - 122OOl. CIN: U29299HR2O2LY|CO97 7 17 Respondent/ Corporate Debtor Email: ganesh.i@eyemyeye.com.

Order pronounced on: 3.O3.2o26 1

CORAM: HON'BLE MR. KIIETRABASI BISWAL, MEMBER (JUDICIALI HON',BLE MR. SHISHIR AGARWAL, MEMBER (TECHNICAL) PRESENT: : For the Appllcant Mr. Shikhar Sarin, Advocate : For the Respondent None q-""i,#? *2 d* daJtg *" >i, larwi*n;e -\>

**?fi,*fl)"TilHH'J ORDER 1. The instant Application has been filed by one97 Communications Limited (Paytm), (hereinafter referred to as the "Operational Creditor/Applicant') under Section 9 of the Insolvency and Bankmptry code, 2016 (hereinafter referred to as the "code" or 'IBC") read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as the Rules) for initiation of Corporate Insolvenry Resolution Process (hereinafter referred to as the 'GIRPJ against Eyemyeye Private Limited (hereinafter referred to as the "corporate Debtor/Respondent") owing to total outstanding operational debt of Rs. 3, 0 3,53,925.9 4 I -in 2. The averments made by the Operational Creditor/Applicant its Application and as argued by the learned counsel are summarised as under: (i) The operational creditor is engaged in the business of Digital Ads and Deals services. The Operational Creditor operates an online platform known as ,Paytm,' which offers a broad spectrum of senrices. These services include, but are not limited to, utility bill payments, mobile recharges, ticket booking for travel, and various financial services targeted at consumers. Additionally, the Operational Creditor engages in mobile marketing and provides telecommunication-based value-added services such as advertising to a diverse range of enterprises. The Operational Creditor also extends promotional and transactional SMS services and develops and supplies content network.

**?;i,1.?r)"";'xE;ffi';J (i1) lt is submitted by the Applicant that the Corporate Debtor being aware of the services provided by the Operational Creditor on its platforms approached the Operational Creditor in the first quarter of 2022 seeking such services as being offered by the Operational Creditor and based upon such discussions and assurances of timely payments, a business relation was established between the Corporate Debtor and the Operational Creditor. (iii) It is submitted that the Corporate Debtor issued its first release/purchase order to the Operational Creditor on 25.04.2022, followed by several subsequent purchase orders. The Operational Creditor duly rendered the required services without any objection from the Corporate Debtor and raised invoices corresponding to each purchase order. As per the agreed terms in the release/purchase order annexed as Annexure P-3, payment was to be made within 30 days from the date of each invoice, and accordingly, the amounts became due on expiry of the said 30-day period. (19 It is submitted that the Corporate Debtor made a payment of {17,55,163/- on 16.07.2022 towards earlier Invoice No.8308486508. However, thereafter, no further payments were made to the Operational Creditor for the services duly rendered.Apart from the aforesaid payment, the Corporate Debtor has failed to discharge its liabilities under the remaining invoices issued by the Operational Creditor. (9 It is submitted that due to the continued non-pa5rment of dues, the Operational Creditor addressed several communications, including emails (Annexure P-11), to the Corporate Debtor; received.

jf:i[}lf; NcLr ch€ndiep,h J Consequently, after more than one year, the Operational Creditor issued a recoverynoticedatedog.oS'2o23.Asthesaidnoticealsodidnotevokeany reply or pa5rment, a second recovery notice dated 06'09 '2023 was issued' Despitethesenotices,thecorporateDebtorneitherrespondednormadeany palrment towards the outstanding dues. (vr) An affidavit under Section 9(3)(b) has been filed along with the petition stating that in all communications, the Corporate Debtor has acknowledged the debt amount payable and has not raised any objections that could constitute a pre-existing dispute. (vi, It is submitted that an amount of 12,32,61,761.26 towards principal and interest at the rate of 78o/o per annum starting from their respective dates of default, aggregating to a total outstanding debt of <3,03,53,925'94, is due and payable by the corporate Debtor to tl.e operational creditor. The particulars of the amount in default and the corresponding date of default are as under: Invoice Due Date Net Amount Payable Date 19.07.2022 18.O8.2022 24,85,203.90 22.08.2022 2t.09.2022 45,33,269.72 22.08.2022 21.09.2022 18,37,826.40 2t.09.2022 21.10.2022 2,47,800.00 29.09.2022 29.10.2022 2,78,7sl.40

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NCLT Chandigarh Bench Court- I cP No 67 / C}:.d/Hry /2025 29.09.2022 29.t0.2022 12,56,304.70 29.09.2022 29.10.2022 3t,36,768.04 29.09.2022 29.10.2022 5,09,509.84 17.10.2022 16.11.2022 21,76,934.80 17.10.2022 16.11.2022 67,99,392.46 TOTAL 2,32,67,767.26 (viii) Accordingly, having no alternative remedy, the Operational Creditor, through counsel, issued a Demand Notice under Section 8 of the Insolvency and Bankruptry Code, 2016 on O1.O7.2O24. The copy of the said Demand Notice is annexed as Annexure P-8. The said notice was duly served upon the Corporate Debtor through email and speed post, and delivery was effected. (ix) It is submitted that subsequent discussions were held between the Operational Creditor and the Corporate Debtor for setflement of the outstanding dues; however, no settlement was arrived at. Copies of the relevant communications are annexed as Annexure P-11 (Pages 151-155). (x) Accordingly, the Operational Creditor is now constrained to approach this Tribunal seeking to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor owing to continued default to the tune of Rs.3,03,53,925.94. Analysis aad Findings

NCLT Chaldigarh Bench Court- I CP No, 67 / Chd / r{ry / 2o2s 3. We have heard the learned counsel for the applicant and considered the pleadings, written submissions, and perused the material available on record carefully. 4. It is observed that the corporate Debtor was afforded sufficient opportunities to present its case. However, as service of notice could not initially be effected upon the Respondent/ corporate Debtor, publication was carried out by the Petitioner uide order dated 25.02.2O25, and an affidavit of service evidencing the same was filed uideDiary No. 00432/01 dated 04.06.2o25. Despite due service, the Respondent failed to appear and was accordingly proceeded against ex parte uide ttle order dated 30.09.2025, as recorded in the proceedings. 5. It is observed that the operational creditor has placed on record the Demand Notice dated o1.o7.2o24, annexed as Annexure P-8. The Operational creditor has further filed a certilicate issued by the Financial Institution mainta-ining its accounts, confirming that no payment, except an amount of 117,55,163/- towards Invoice No. 8308486508 (Annexure P-14), has been received from the corporate Debtor. Additionally, a copy of the record from NesL evidencing non-paJrment of the outstanding operational debt by the corporate Debtor has been annexed as Annexure P-13. 6. It is further observed from the email dated 07.O8.2O24 that the Operational creditor proposed a final settlement plan, whereby the outstanding amount was to be paid in four installments. The said proposal was affirmed uide ematl dated 74.08.2024. For ready reference, the email dated o7.08.2024 and 14.oa.2o24 is reproduced below

NCLT Chandigarh Bench Courr- r CP No. 67 /c,rd.lury /2o2s hf,*L.mEU!&Itr!, Frdl. Ladi! llI|lm b*bl|h.f, fr{hrln sbtlh m{d iS. s.nitnJ.Ird*|(rtuhiansrDi.6bi IIEJSII lh!. tqra rf dirha ffi*,tttlr-*n.lbro.!*r.ad-El lriqt ba!.xlrlrlnb pol.dfra.. bqb or H.lsr:bE qt ira. Dira ortntt0*g d tll| *rEr fnrrf Ltrtarttr E i|d!br!|M 6 tsnfodHbh.r; ar.ae rgC5ttuTrxutl Eqrrrp''-*. drr tli*i'trrremtrbF r.,tsrr rn.,grn rr Fmna Fr.'r ltfrd Foc Thrylb f firgrd. A{hk!Lkr Flmncr 7. It is further observed, as per the affidavit fired under section 9(3xb), that the corporate Debtor has acknowledged the debt amount payable and has not raised any objections that could constitute a pre-edsting dispute. 8' In view of the above and relying on the principles laid down in Mobilox rnnouqtTotrs Prrt Ltd. a. K|';'tsa soffiiare pot Ltd. rs polgl r scc gsg, wherein it is held that: " 19. on the expiry of the peiod. of ten d.ags from the date of receipt of the inuoice or demand notice un'der Clause 8, if the operational creditor does not receiue either the paament of the debt or a notice of existence of di.spute in relation to the debt claim from the arporate debtor, he can fire an apprication uith the adjudicating authoritg for initiatirry the ir*oluerrcg resorution process in respect of such debtor. He arso has to fumish proof of default and proof of non qf the debt along tuith an alfidauit

*""ffi,1l%;).TffffiiH,;J ueifging that there has been no twtbe regarding the existence of a diSpute in relation to the debt claim. within fourteen dogs lrom the receipt of the applicatbn, if tlrc adjudicating authoita/ Tribunat b satbfied os to (a) the existerrce of a default, and (b) the other citeria laid down in clause 9(5) being met, it sha.ll admit the application. The adjudicating authoritg/ Tribunal is ttot required to look into ang other citeria for admission of tle application. " we are of the considered view that the present petition satisfies the itions specified under Section 9(5Xi) of the Insolvency and Bankruptcy Code, 16. The operational debt is above the statutory threshold, the default is clearly lished, no pre-existing dispute has been brought on record, and the statutory notice under Section 8 has been duly issued. No IRP has been proposed by the petitioner. 9. In view of the facts, it is clear that the Respondent has defaulted in the paJrment of its debts. On the basis of the facts, we admit this application and order as under: Corporate Debtor - Eycmyeye Private Limited is admitted in the Corporate Insolvency Resolution Process under section 9 of the Insolvency and Bankruptcy Code, 2016. ii. The moratorium under section 14 of the Insolvenry and Bankruptry Code, 2016 is declared for prohibiting all of the following in terms of Section l4(l) of the Code. a. the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. transferring,encumbering, or disposing of by the corporate debtor any of its assets or any or beneficial interest therein; /&"c8g E r,' vi "f on, *1 r ': \ v',r,.,

NcLr chandi.s;r, j'fl;i,?1\t; : c. any action to foreclose, recover or enforce any security interest created ty the corporate debtor in respect of its property includ-ing any action under the securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2OO2; d. the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor' The order of moratorium shall have effect from the date of this order 111. till the completion of the corporate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plan under sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor Company under Section 33 of the IBC, 2O16, as the case may be. We appoint Mr. Sanjay Kumar Aggarwal, having registration No' lV. IBBI/IPA-OO2 llP-NOOl26l2O77-L81LO295, Email-sanjayaggarwal.fc@gmail.com, Mobile-98767O5414; to act as an IRP under Section 13(1)(c) ofthe Code, in respect ofthe CIRP ofthe corporate debtor. The IRP shall conduct the Corporate Insolvency Resolution Process of the corporate debtor as per the provisions of the Code, read with Regulations made thereunder. The IRP so appointed shall make a public announcement of initiation of the Corporate Insolvency Resolution Process (CIRP) and call for submission of claims under Section 15 as required by Section l3(1) (b) of the Code. if vl. The supply of essential goods or services to the Corporate Debtor, continuing, shall not be .suspended, or interruPted during

*""J;i,*fl,)"Tffffi85'rJ the moratorium period. The corporate debtor to provide effective assistance to the IRP as and when he takes charge of the assets and management of the corporate debtor. vl1. The IRP shall perform all functions as contemplated, inter alia, by sections 17, 18, 20 and 21 of the Code. It is further made clear that all personnel connected with Corporate Debtor, its Promoter or any other person associated with management of the Corporate Debtor are under legal obligation under Section 19 of the Code extending every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the Corporate Debtoq its Promoter or any other person, is required to assist or co-operate with IRP, do not assist or Co-operate, the IRP is at liberty to make appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. vltl. The IRP shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of the obligation imposed by Section 20 of the Insolvency and Bankruptry Code, 2016. lX. The Operational Creditor is directed to pay an advance of Rs. 4,00,000/- (Rupees Four Lacs only) to the IRP to meet out the initial CIRP cost within two weeks from the date of receipt of this order for smooth conduct of Corporate Insglv-ency Resolution Process (CIRP) and !f'.; filyi;,\ IRP to file proof of receipt of .aftlount. to this Adjudicating Authority 1O of 11

*"?ffi1':fl,)3fffI;26'rj along with First Progress Report. Subsequently, the IRP may raise further demands for Interim funds, which shall be provided as per Rules. x. The Registry is directed to communicate a copy of this order to the Operational Creditor, Corporate Debtor and to the Interim Resolution Professional and the concerned Registrar of Companies, within seven working days and upload the same on website immediately after pronouncement of the order. xi. The IRP shall also serve a copy of this order to various departments such as Income Tax, GST, State Trade Tax and provident Fund etc, who are likely to have their claim against corporate Debtor as well as to the trade unions/ employee's associations so that they are timely informed about the initiation of CIRP against the corporate debtor. xii. The commencement of the corporate Insolvenry Resolution process sha-ll be effective from the date of this order. 10. Application bearing Cp (IBl No. 67lChd lHtItzO2S is allowcd and Corporate Debtor - Eyemyeye is in the Corporate Insolvency Resolution Process.

sd/-sd/_ (SHISHIR AGARWALI (r{TIETRABAST BTSWALI Member (Technlcdl Member (Judtciall CLi:.i;::::) TC itL i,i.''. CtIPY OF IHE OfiIGINAL FREE OF COST CO,OY DO, m rAR, Court Offtcer Naiional Co0U.IrY Law Tii' ChandEadr Bcrdt. Chano''-r" I l1 Page of 11