# In the matter of OMEGA PREMISES PRIVATE LIMITED

> NCLT judgment dated 2026-03-12. Citation: TCN-2026-NCLT-00218. The Bank of Maharashtra filed an application under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 12 Mar 2026
- **Citation:** TCN-2026-NCLT-00218
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/omega-premises-private-limited-c766b38d

## Summary

### Background

The Bank of Maharashtra filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Omega Premises Private Limited, the Corporate Debtor.

## Facts

The Bank of Maharashtra filed a petition under Section 7 of the IBC against Omega Premises Private Limited.

The claimed default amount is Rs 45,41,08,451.8/-.

The date of default is mentioned as 24.06.2015, updated through additional affidavits.

The applicant proposed Mr. Prashant Jain as the Interim Resolution Professional (IRP).

The Respondent is a Corporate Guarantor to Principal Borrower M/s Brainer Impex Limited.

The Financial Creditor extended fund-based credit facilities of Rs.9.75 Crore to the Principle Borrower vide sanction letter dated 04.08.2011.

The account of Principal Borrower was declared as NPA on 28.02.2015.

The Principal Borrower was admitted into CIRP by the Hon'ble NCLT, Mumbai Bench, by Order dated 24.06.2019.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC …

**Ratio:** Section 7 of the IBC allows a Financial Creditor to initiate CIRP against a Corporate

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**Reasoning:** The Tribunal found that the Financial Creditor had sanctioned a cash credit facility to

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**Interpretation:** The Tribunal interpreted Section 7 of the IBC to mean that a Financial Creditor

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**Application:** The Tribunal applied Section 7 of the IBC to the facts of the case and found

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** The Bank Of…
- **Respondents:** Omega Premises…
- **Other parties:** Ashok B A…; The Bank Of…; +1 more
- **Advocates:** Subir K…; Vaishnavi…; +3 more

## Timeline

- **11.08.2025 — Filing D…**: This C.P. (IB) No.826/MB/2025…
- **24.06.2015 — Date of D…**: The date of default as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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