NCLT Delhi Orders Dissolution of Cross-Border Payments Company Paysend India

The Delhi Bench of the National Company Law Tribunal (NCLT) has ordered the dissolution of cross-border payments company Paysend India Private Limited after finding that its affairs had been completely wound up and its assets fully liquidated

The order was passed by the bench of Acting President Bachu Venkat Balaram Das and Technical Member Yogendra Kumar Singh.

Paysend India Private Limited was incorporated on July 25, 2022 as a private limited company with its registered office at Nehru Place, South Delhi. The company operated in money transfers, remittances, merchant acquiring, prepaid payment instruments, and multi‑currency digital wallets.

The company had an authorized share capital of Rs 5.01 crore and paid‑up capital of Rs 1 crore. Its shareholders included Paysend Group Limited (holding 99.99%) and Stephen James Vickers (holding 0.01%).

On 15 May 2024, the Board of Directors resolved to wind up the company voluntarily, citing business operations not yielding expected results. A Declaration of Solvency was filed under Section 59(3)(a) of the Code, confirming that the company had no outstanding liabilities and was not being liquidated to defraud any person.

Subsequently, in the Annual General Meeting held on 8 August 2024, shareholders passed a special resolution to liquidate the company and appointed Arun Gupta, Insolvency Professional, as the liquidator.

The liquidator issued a public announcement on 12 August 2024 inviting claims from stakeholders. Two creditors were identified, Price Waterhouse & Co. LLP (Rs 3.30 lakh) and Paysend Group Limited (Rs1 crore). Both claims were admitted and satisfied.

The liquidator opened a designated bank account with Axis Bank for liquidation proceeds, later closed in May 2025. A preliminary report was filed in September 2024, followed by a final report in April 2025, confirming that assets had been liquidated and proceeds distributed.

The Registrar of Companies (RoC) confirmed no pending inquiries, inspections, or complaints against the company.

The Bench noted that all requirements under Section 59 of the IBC and Voluntary Liquidation Regulations were complied with. It was further noted that audited financial statements, along with the Provisional Financial Statements for the financial year up to 2022, have been duly filed.

Accordingly, the petition was disposed of with directions to the registry and the voluntary liquidator.

For Applicants: Advocates Ashutosh Gupta, Gaurav Rana, Ajitesh Kumar, Shagufa Salim, Jatin Choudhary