Essel Group’s Pan India Network Ltd has begun its insolvency process.
India.- Playwin lotteries has shut down operations after defaulting on the payment of various dues and loans. The popular brand is operated by Essel Group’s Pan India Network Limited and according to local press defaulted on an amount of more than Rs 1.6 crores loaned by private company Sagar E-Shop Private Limited.
The National Company Law Tribunal (NCLT) has ordered the initiation of a corporate insolvency resolution process against Pan India Network Limited, barring any institution from bringing suits against Playwin or the alienation of assets, legal rights or beneficial interests by the company until completion.
Playwin’s website currently states “due to technical issues our draws are not configured for selling. We will update you soon.”
It is believed that the 28% Goods and Services Tax (GST) imposed on the face value of lottery tickets by the GST Council in 2017 caused a massive decline in sales of private lottery distributors leading to the downsizing and shutting down of Playwin’s operations.