It rejected the gaming‑law defence as well, emphasising that Fazben’s default was from January 7, 2025, whereas the Online Gaming Regulation Act was passed only in August 2025 and operated prospectively.
“The operational debt claimed in the present petition had already become due and crystallised prior to the enactment of the said legislation,” the Bench concluded.
In view of these findings, the tribunal proceeded to initiate CIRP against Fabzen and appointed insolvency professional Manish Lalji Dawda as an interim resolution professional.