# Ranisati Constructions Company Private Limited vs. Omnibay Private Limited

> NCLT judgment dated 2026-05-18. Citation: TCN-2026-NCLT-00519. Ranisati Constructions Company Private Limited (Financial Creditor) filed an application under…

- **Court:** NCLT
- **Order date:** 18 May 2026
- **Citation:** TCN-2026-NCLT-00519
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/ranisati-constructions-company-private-limited-vs-omnibay-private-limited-op8dz

## Summary

### Background

Ranisati Constructions Company Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Omnibay Private Limited (Corporate Debtor). The Financial Creditor claimed to have disbursed Rs. 2,65,00,000/- to the Corporate Debtor through various RTGS transfers and alleged a default in repayment as per a loan agreement. The Corporate Debtor disputed the validity and execution of the loan agreement, claiming it was fabricated, and denied that the alleged debt constituted a 'financial debt' or that a 'default' had occurred.

## Facts

Ranisati Constructions Company Private Limited (Financial Creditor) is primarily engaged in money lending and earns revenue through interest.

Omnibay Private Limited (Corporate Debtor) operates in the online gaming industry, developing and managing interactive gaming platforms.

The Corporate Debtor approached the Financial Creditor for its financial requirements.

The Financial Creditor granted credit facilities totaling Rs. 2,65,00,000/- to the Corporate Debtor in several tranches between 04.09.2024 and 05.12.2024.

Disbursements were made via RTGS bank transfers to the Corporate Debtor's designated bank accounts.

The Financial Creditor claims a loan agreement dated 7th December 2024 was executed, which provided for default upon non-payment by 31st March 2025.

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## Issues and analysis

### Issue 1: Whether the loan agreement dated 7th December 2024, claimed by the Financial Creditor, is a …

**Ratio:** The NCLT found no reason to believe the loan agreement was fabricated, given the clear

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**Reasoning:** While the execution of the loan agreement was disputed by the Corporate Debtor, the

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**Interpretation:** The court inferred that despite the Corporate Debtor's claims of fabrication

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**Application:** Based on the documentary evidence and the Corporate Debtor's lack of denial

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Appellants:** Ranisati Construct…
- **Respondents:** Omnibay Private…
- **Other parties:** Committee of…; Swapnil…
- **Advocates:** Snehasish…; Amandeep…

## Timeline

- **2024-09-04 — Disbursement of Credit…**: Financial Creditor disbursed Rs.…
- **2024-09-05 — Disbursement of Credit…**: Financial Creditor disbursed Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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