# In the matter of ZAPAK MOBILE GAMES PRIVATE LIMITED

> NCLT judgment dated 2025-07-14. Citation: TCN-2025-NCLT-00776. Reliance Net Limited, the Financial Creditor (FC), filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 14 Jul 2025
- **Citation:** TCN-2025-NCLT-00776
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/zapak-mobile-games-private-limited-ac73195e

## Summary

### Background

Reliance Net Limited, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Zapak Mobile Games Private Limited, the Corporate Debtor (CD). The application was filed due to a default in repayment of a loan.

## Facts

Reliance Net Limited filed an application under Section 7 of the IBC to initiate CIRP against Zapak Mobile Games Private Limited.

The amount claimed to be in default is Rs. 1,32,36,378 as on 30.11.2024, including principal and interest.

The date of default mentioned is 31.10.2022.

In October 2007, Zapak Mobile Games Private Limited (then known as Jump Games Private Limited) approached Reliance Land Private Limited (RLPL) for financial assistance.

RLPL agreed to advance a loan of Rs. 50,00,000 to the CD, and a Term Sheet was executed on 31.10.2007.

Between March 2008 and June 2009, the CD repaid Rs. 3,12,937 towards the interest component of the loan.

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## Issues and analysis

### Issue 1: Whether the assignment of debt from RLPL to Reliance Net Limited is valid despite the CD's claim of …

**Ratio:** The assignment is valid and enforceable because the CD acknowledged the assignment in its

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**Reasoning:** The CD's balance confirmation dated 31.03.2023 clearly records the liability of the CD

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**Interpretation:** The acknowledgment of liability in a balance sheet or a signed confirmation of

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**Application:** The CD's objection to the assignment based on the lack of formal notice is an

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Reliance Net…
- **Respondents:** Zapak Mobile…
- **Other parties:** NPV Insolvency…
- **Advocates:** Yash Ba…; Mithila…; +2 more

## Timeline

- **2007-10-31 — Term Sheet Ex…**: A Term Sheet was executed between RLPL and the CD, agreeing to a loan amount of Rs.…
- **2008-03-31 — Partial Rep…**: The CD repaid R…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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