Essel Group’s Pan India Network Ltd has begun its insolvency process.<\/p>\n\n\n\n\n\n\n\n
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\u2019s 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. <\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Playwin\u2019s website currently states “due to technical issues our draws are not configured for selling. We will update you soon.”<\/p>\n\n\n\n
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\u2019s operations.<\/p>\n","protected":false},"excerpt":{"rendered":"
Essel Group’s Pan India Network Ltd has begun its insolvency process.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Essel Group's Pan India Network Ltd, operator of Playwin lotteries, has initiated corporate insolvency proceedings following a default on loans and a significant decline in sales. The National Company Law Tribunal (NCLT) has ordered the resolution process, attributing the operational shutdown largely to the 28% Goods and Services Tax (GST) imposed on lottery tickets in 2017.","focusai_entities":"Essel Group, Pan India Network Ltd, Playwin, Sagar E-Shop Private Limited, National Company Law Tribunal, GST Council","focusai_location":"India","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.9), operator_casino (0.8), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"GST Impact Analysis","query":"What specific financial models or sensitivity analyses did the GST Council employ to forecast the impact of a 28% GST on lottery face value, and how did these projections compare to the actual market contraction experienced by operators like Playwin?"},{"label":"Insolvency Precedent","query":"What are the broader implications of the NCLT's corporate insolvency resolution process for other distressed iGaming entities in India, particularly concerning asset protection and creditor prioritization?"}],"footnotes":""},"categories":[160,439,16334],"tags":[1897,58,3573],"class_list":["post-2165","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-legal-news","category-south-asia-news","tag-igaming","tag-india","tag-lottery"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/2165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=2165"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/2165\/revisions"}],"predecessor-version":[{"id":2210,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/2165\/revisions\/2210"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=2165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=2165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=2165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}