NCLT Delhi Dissolves Newgen Payment Gateway After Voluntary Liquidation

The Delhi bench of the National Company Law Tribunal (NCLT) has ordered the dissolution of Newgen Payment Gateway Private Limited, a company that provided payment processing services for credit cards, debit cards and bill payments.

The bench found that the company's voluntary liquidation had been completed and all liabilities had been settled.

The order was passed by Judicial Member Justice Jyotsna Sharma and Technical Member Anu Jagmohan Singh.

Explaining why the company could be dissolved, the bench observed, "It appears that the affairs of the Applicant Company have been completely wound up and its assets have been completely liquidated, and no liabilities have been left unsatisfied."

Newgen Payment Gateway was incorporated on September 12, 2013. Its shareholders approved voluntary liquidation on November 16, 2023, and appointed insolvency professional Deepak Kumar Goyal as the liquidator.

A public announcement inviting claims was issued on November 26, 2023. The liquidator received one claim from an operational creditor and two from equity shareholders. All of them were settled. The company also paid ₹2,20,743 towards professional services used during the liquidation process.

The liquidator told the bench that FEMA and RBI-related issues delayed the process. Stakeholders later approved a six-month extension in July 2024. He also informed the bench that all the company's assets had been realised, its debts had been discharged and no litigation was pending.

The Registrar of Companies told the bench that no inquiry, inspection, complaint, or legal action was pending against the company. The Insolvency and Bankruptcy Board of India also said it had no observations on the application. Since there were no objections from any statutory authority or the public, the bench dissolved the company with effect from July 23, 2026. It also directed the liquidator to preserve the records in accordance with the applicable regulations

For Applicant: Advocates Varsha Banerjee and Shubham Gupta