Ranisati Constructions Company Private Limited Vs Omnibay Private Limited (NCLT Kolkata)
NCLT Admits Insolvency Plea Because Loan Carried Time Value of Money; ₹2.81 Crore Loan Default Leads to CIRP Against Online Gaming Company; NCLT Holds Financial Debt Established Despite Dispute Over Loan Agreement Execution; Insolvency Proceedings Admitted Because Corporate Debtor Failed to Show Repayment: NCLT
The NCLT Kolkata admitted a Section 7 insolvency application filed against Omnibay Private Limited after holding that the loan transaction satisfied the requirement of “time value of money” and constituted a financial debt under the Insolvency and Bankruptcy Code (IBC).
The financial creditor, engaged in the business of money lending, had advanced loans aggregating to ₹2.65 crore to the corporate debtor, an online gaming company, through multiple RTGS transfers between 04.09.2024 and 05.12.2024. The disbursements were not denied by the corporate debtor.
The financial creditor claimed that a loan agreement dated 07.12.2024 was executed under which the corporate debtor agreed to pay interest at 18% per annum and default interest at 24% in case of non-payment after 31.03.2025. The corporate debtor disputed execution of the agreement, alleging that it was fabricated and lacked board approval and authorization.
The financial creditor further relied on correspondence dated 31.03.2025 and 10.04.2025 seeking confirmation of outstanding dues and repayment of ₹2.81 crore. The corporate debtor signed and returned the ledger confirming the outstanding balance as on 31.03.2025. Receipt of the letters was not denied.
