Another startup — Zyngo EV Mobility — faces insolvency proceedings

The National Company Law Tribunal (NCLT), Chandigarh Bench, has admitted an insolvency petition against Zyngo EV Mobility Private Limited, thereby initiating the Corporate Insolvency Resolution Process (CIRP) for the electric vehicle mobility firm. The order, delivered today, comes in response to an application filed by Shree Shayama Constructions Private Limited, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, citing a default on a payment of Rs 1.62 crore.

The Tribunal has appointed Manoj Kumar Jain as the Interim Resolution Professional (IRP) for Zyngo EV Mobility Private Limited. His responsibilities include taking control of the company’s operations and assets, managing its affairs during the CIRP period, and overseeing the resolution process.

As per the NCLT’s order, a moratorium has been declared, prohibiting various actions against the corporate debtor, including the institution or continuation of suits or proceedings, transfer of assets, or enforcement of security interests, until the CIRP concludes. This measure aims to protect the company’s assets and ensure a smooth resolution process.

The NCLT has directed the suspended Board of Directors and management of Zyngo EV Mobility to hand over all necessary documents, books of accounts, and information to the IRP within one week. The order also empowers the IRP to seek assistance from police authorities if there is any non-cooperation from the previous management or auditors in retrieving records. Furthermore, the IRP is tasked with approaching government departments, banks, and other entities to ensure full cooperation for the effective implementation of the order.

Jain is also required to make a public announcement regarding the initiation of CIRP to inform all stakeholders and invite claims. The NCLT’s registry has been directed to communicate this order to all concerned parties and the Registrar of Companies to update the corporate debtor’s master data.

Zyngo is a Gurugram-based seed-stage company founded in 2019 by Prateek Yadav, Veena Yadav, and Naren Yadav. Positioned as a platform for electric vehicle last-mile delivery, Zyngo delivers e-mobility solutions tailored for both individuals and businesses, aiming to cut carbon emissions through efficient hyperlocal logistics. Its offerings span vehicle provision, parking, charging, and maintenance infrastructure. Advanced technology underpins the platform’s routing, delivery optimization, and real-time tracking, ensuring swift, reliable, and customer-centric deliveries capable of handling high volumes. Zyngo’s fleet is backed by strong battery-swapping and parking infrastructure.

According to Tracxn, the company has raised $5.6 million from investors like Delta Corp and Three Wheels United, placing its valuation at approximately ₹27 crore. Zyngo operates in a competitive space with 21 active rivals—11 of which are funded—including leading players such as Zypp Electric, FYN Mobility, and MoEving.

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