NCLT Holds Loan Carries Time Value of Money, Admits Insolvency Plea against Online Gaming Firm Over ₹2.81cr Loan Default [Read Order]
Swapnil Jain was appointed as the Interim Resolution Professional (IRP) to take charge of the company’s affairs and make a public announcement within three days.
In a recent ruling, the National Company Law Tribunal, Kolkata Bench, has held that the loan advanced to online gaming firm Omnibay Private Limited carried the “time value of money,” thereby qualifying as a financial debt under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The corporate debtor, Omnibay, engaged in digital gaming and entertainment, had sought funds from Ranisati Constructions to meet operational needs. The creditor disbursed ₹2.65 crore in tranches, later confirmed by the debtor’s signed ledger as of 31 March 2025. When repayment was not made by the due date, the creditor issued demand letters on 31 March and 10 April 2025, seeking full payment within seven days.
Although Omnibay disputed the authenticity of the Loan Agreement dated 7 December 2024, alleging fabrication and lack of board approval, the Tribunal noted that the disbursements and balance confirmation were undisputed. The debtor also failed to produce any evidence of repayment.
Senior Advocate Snehasish Chakraborty appeared for the financial creditor, while Amandeep Singh represented the corporate debtor.
The Bench observed that the financial creditor had “sufficiently established the existence of a financial debt” and that default had occurred on 1 April 2025. Citing Supreme Court precedents including Pioneer Urban Land and Infrastructure Ltd. v. Union of India and Anuj Jain v. Axis Bank Ltd.,
The Bench comprising Bidisha Banerjee (Judicial Member) and Cmde Siddharth Mishra (Technical Member) pronounced the order on 18 May 2026, holding that Omnibay had failed to repay ₹2.81 crore advanced by the financial creditor through multiple RTGS transfers between September and December 2024.
The Tribunal reiterated that a financial debt requires disbursal “against consideration for the time value of money.” It held that the ₹2.81 crore claim met the statutory threshold under Section 4 of the Insolvency and Bankruptcy Code (IBC) and was not time‑barred.
The application was admitted, and a moratorium under Section 14 IBC was imposed, restraining all proceedings, asset transfers, and enforcement actions against Omnibay. The IRP was authorised to seek police assistance if required and directed to submit periodical progress reports. The financial creditor must pay ₹3 lakh as advance fees to the IRP, subject to adjustment by the Committee of Creditors.
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