Very upset to see your case, a lakh is a big amount. Unable to assume how many lakhs/crores were in the hands of eBay paisapay now!
After few refunds, for any kind of refund, eBay paisapay charges penalty to Seller concluding that Seller is wrong. This is done month-to-month basis.
May be now you would get penalty from eBay paisapay and interest too for the due amount.
Hope eBay and paisapay will certainly resolve your issue and in a professional way.
Importantly, after 3 months you will not be able to view the transaction details and even eBay employees face the same or will be difficult in finding those transactions.
We were also stuck with the same problem (our amount is low). But interestingly, we got cheque for one item, the other 2 were still pending.
Another thing we found is that courier company will not collect money from the party at all when delivering (agent will over notice that it is COD).
FYI: It happened for us which we did COD (non-paisapay) with a courier company. So, may be the problem would also be with courier company for paisapay COD as well.
Regards