# In the matter of Blu-Smart Charge Private Limited

> NCLT judgment dated 2026-01-16. Citation: TCN-2026-NCLT-00009. Catalyst Trusteeship Limited filed a Section 7 IBC application against Blu-Smart Charge Private…

- **Court:** NCLT
- **Order date:** 16 Jan 2026
- **Citation:** TCN-2026-NCLT-00009
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/blu-smart-charge-private-limited-136b0735

## Summary

### Background

Catalyst Trusteeship Limited filed a Section 7 IBC application against Blu-Smart Charge Private Limited for default on financial debt of Rs. 142,95,10,923/- arising from issuance of debentures.

## Facts

Catalyst Trusteeship Limited filed a Company Petition on 04.12.2025 under Section 7 of the IBC against Blu-Smart Charge Private Limited.

The financial debt amounted to Rs. 142,95,10,923/- arising out of the issuance of Senior, Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures.

Blu-Smart Charge Private Limited approved the issuance of up to 1,245 debentures aggregating to Rs.124,50,00,000/- pursuant to resolutions dated 27.11.2023 and 15.01.2024.

The Corporate Debtor failed to service its repayment obligations, including payment of coupon amounts.

The Financial Creditor issued a Notice of Event of Default dated 18.04.2025 demanding immediate payment of Rs.130,11,73,594/-.

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is complete and …

**Ratio:** The application was deemed

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**Reasoning:** The Adjudicating Authority considered the admitted financial debt and default, and the

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**Interpretation:** Section 7 of the IBC requires a complete application demonstrating a financial

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**Application:** The application was found to be complete and within limitation, satisfying the

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Catalyst Trusteesh…
- **Respondents:** Blu-Smart Charge…; Blu-Smart Charge…
- **Other parties:** NPV Insolvency…
- **Advocates:** Jay Kan…; Monaal Da…; +1 more

## Timeline

- **2025-12-04 — Filing of Company…**: Catalyst Trusteeship Limited filed a…
- **2025-04-18 — Notice of Event of…**: The Financial Creditor issued a Notice of Event of Default demanding immediate payment of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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