NCLT Allahabad Admits Redmil Business Mall's Insolvency Plea Over ₹9.41 Crore Default
The National Company Law Tribunal (NCLT), Allahabad Bench, has admitted Redmil Business Mall Pvt Ltd's insolvency application after finding that the company had defaulted on dues of ₹9.41 crore.
Redmil provides digital commerce, payment aggregation, mobile recharge and utility bill payment services through technology platforms and partnerships.
The order was passed by the bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma.
Redmil Business Mall Pvt. Ltd., incorporated in 2018 and engaged in digital commerce and payment aggregation services, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC).
The application was filed through its authorised signatory, Mahaveer Yadav, following a special resolution passed by shareholders on 23 April 2026.
The company cited severe cash flow constraints arising from non‑payment of invoices by its clients, including Vuenow Infratech Ltd., Utilitique Technology, Unlisted Assets Pvt. Ltd., and others. Despite repeated follow‑ups and legal notices, substantial receivables remained unpaid, disrupting its working capital cycle and impairing its ability to meet ongoing operational and financial obligations.
It was submitted that there are two Operational Creditors, Rechargekit Fintech Pvt. Ltd. and SMR Consumer Services and one Financial Creditor, Teklibrium Solutions Pvt. Ltd. The aggregate default stood at Rs 9.41 crore. Demand notices were issued by the Operational Creditors.
It was also submitted that it is presently facing severe financial distress and has no sustainable means to discharge its liabilities arising out of the said defaults
The bench noted that Section 10 permits a corporate applicant to initiate CIRP upon default. The bench noted that the debt exceeds the statutory threshold under Section 4(1) of the Code. It was also noted that the debt and default were established and that the application was complete.
Accordingly, the Tribunal admitted the petition under Section 10 and ordered initiation of CIRP against Redmil Business Mall Pvt. Ltd. It further declared a moratorium and appointed Bhavna Bansal as Interim Resolution Professional (IRP). The matter was listed for the first progress report on 18 November.
For Appellants: Advocates Vishal Ganda, Soin Khan, Chhavi Jain & Prashant Katara
For OC: Advocate Krishna Dev Vyas for FC; Advocate Bharat Lal Mishra