On 14th of October 2019, National Company Law Tribunal delivered an order for the commencement of a Corporate Insolvency Resolution Process to the Pan India Network Limited. Thus, Pan India Network Limited has been asked to submit all the necessary claims to the Interim Resolution Professional along with the relevant proofs.
What has happened to Playwin?
In 2014, the Crime Investigation Department (CID) of the Andhra Pradesh police sought a ban on the website of ‘Playwin’ which has allegedly been selling online lotteries banned in the state.
Year 2017 brought a major setback for the lottery business in India. In June 2017, the Goods and Services Tax (GST) Council ordered dual tax rate for lottery tickets in the country. Under the dual tax rate, lotteries operated by private distributors came under the highest tax slab of 28 percent. Several serious protests were made against this dual tax, but no luck.
In fact, many sellers in the business had to shut off their businesses completely due to such reasons. Not only that, many more were also on the verge of shutting down. Pan India Network Ltd “Playwin” was one of them. To meet these GST requirements, Playwin introduced a hike in the lottery ticket prices by about 30%. This further hampered their revenue.
In 2018, the Karnataka government banned Playwin to operate in its state.
A Dark day in the history of Playwin Lottery – The Corporate Insolvency Resolution Process Filed
On 30th April 2019, Sagar E Shop Private Limited filed a petition against Pan India Network Limited alleging that Pan India Network Limited committed default in making payment to the extent of Rs. 1,60,39,093/- under Section 7 of Insolvency and Bankruptcy Code, 2016.
On 1st September 2018, Pan India Network Limited had entered into a loan agreement with Sagar E Shop Private Limited where it requested Sagar E Shop Private Limited for interest bearing loan to the extent of Rs.2,25,00,000/- @ 18% p.a. and promised to repay by 30th April, 2019. Though Pan India Network Limited availed the credit facilities but failed to repay the outstanding dues. Several letters and reminders were sent to Pan India Network Limited which they fail to honor, hence the petition.
The ledger account shown by Sagar E Shop Private Limited clearly shows that the amount claimed in the petition is in consonance with the ledger account. After hearing both sides, the learned counsel appearing for the Corporate Debtor had candidly admitted the liability as well as default and expressed her no objection to admission of this Petition. This marks the successful admission of The Corporate Insolvency Resolution Process of Pan India Network Limited.
What has happened to Playwin from the Pan India Network – discover the full story behind Playwin’s demise here
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