# In the matter of Mayur Suchak vs. Catalyst Trusteeship Limited & Ors. Company Appeal (AT) (Insolvency) No. 448 of 2023

> NCLAT judgment dated 2023-05-23. Citation: TCN-2023-NCLAT-00506. The appeal was filed by the promoter of the corporate debtor, Renaissance Indus Infra Pvt.…

- **Court:** NCLAT
- **Order date:** 23 May 2023
- **Citation:** TCN-2023-NCLAT-00506
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mayur-suchak-vs-catalyst-trusteeship-limited-ors-company-appeal-6cd4d69f

## Summary

### Background

The appeal was filed by the promoter of the corporate debtor, Renaissance Indus Infra Pvt. Ltd., challenging the order dated 31.03.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court No. V, which admitted a Section 7 application filed by the financial creditor, Catalyst Trusteeship Ltd. The corporate debtor and Altico entered into a term sheet for a loan amount of Rs.650,00,00,000 on 11.06.2018. A Debenture Trustee Appointment Agreement was executed on 21.06.2018, appointing Vistra ITCL as the Debenture Trustee. On 26.06.2018, a Debenture Trustee Document was executed between the Corporate Debtor, Promoters, and Vistra ITCL, issuing 390 unlisted, secured, redeemable non-convertible debentures of aggregate value

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## Facts

Renaissance Indus Infra Pvt. Ltd. (Corporate Debtor) obtained a loan of Rs.650,00,00,000 from Altico, documented by a term sheet dated 11.06.2018. Vistra ITCL was appointed as the Debenture Trustee on 21.06.2018, and a Debenture Trustee Document was executed on 26.06.2018, issuing debentures worth Rs.390,00,00,000. Altico assigned its rights to Catalyst Trusteeship Ltd. (Financial Creditor) on 04.03.2021. The Corporate Debtor defaulted on its payment obligations, leading the Debenture Trustee to issue a demand notice on 13.07.2022. The Corporate Debtor failed to respond, prompting the Financial Creditor to issue an Acceleration and Enforcement Notice on 26.07.2022. Catalyst Trusteeship Ltd. then filed a Section 7 application under the Insolvency and Bankruptcy Code

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## Issues and analysis

### Issue 1: Whether the Section 7 application filed by Catalyst Trusteeship Limited was maintainable under the …

**Ratio:** The Inter-Creditor Agreement and Debenture Trustee Document outline the rights and

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**Reasoning:** The tribunal considered the clauses of the Debenture Trust Document and Inter-Creditor

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**Interpretation:** The Inter-Creditor Agreement and Debenture Trustee Document are interpreted to

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**Application:** The Financial Creditor's action was deemed valid because the Debenture Trustee

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## Parties

- **Judges:** Ashok Bh…
- **Appellants:** Mayur S…
- **Respondents:** Renaissance Indus…; Catalyst Trusteesh…

## Timeline

- **2018-06-11 — Term Sheet Ex…**: The Corporate Debtor and Altico entered and executed a term sheet for a loan amount of…
- **2018-06-21 — Debenture Trustee…**: Debenture Trustee Appointment Agreement executed where Vistra ITCL was appointed as the…

## 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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