# In the matter of Nobal Buildtech Private Limited (IB)-143 (ND)-2022

> Read the full IBC case summary for In the matter of Nobal Buildtech Private Limited (IB)-143 (ND)-2022. NCLT judgment dated 2022-06-02. Citation:…

- **Court:** NCLT
- **Order date:** 2 Jun 2022
- **Citation:** TCN-2022-NCLT-04722
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nobal-buildtech-private-limited-ib-143-nd-2022-c0190a04

## Summary

### Background

The applicant, a debenture trustee, filed an application under Section 7 of the IBC, 2016, claiming to be a financial creditor due to a default in payment by the corporate debtor. The application was based on debenture trust deeds for initial and additional funding.

## Facts

Orbis Trusteeship Services Private Limited, the applicant, was appointed as a debenture trustee to act for the benefit of debenture holders. This appointment was formalized through a debenture trustee deed dated June 27, 2019, which was later amended and restated on September 30, 2020. The applicant's role was to represent the interests of the debenture holders in their dealings with Nobal Buildtech Private Limited, the corporate debtor.

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## Issues and analysis

### Issue 1: Whether Orbis Trusteeship Services Private Limited, as a debenture trustee, qualifies as a…

**Ratio:** A debenture trustee, who does not directly disburse funds but acts on behalf of debenture…

**Reasoning:** The NCLT reasoned that for a debt to be a 'financial debt' under Section 5(8) of the IBC,…

**Interpretation:** The court interpreted 'financial debt' to require a direct disbursal of funds…

**Application:** Since the applicant, Orbis Trusteeship Services Private Limited, did not…

## Parties

- **Judges:** ABNI RANJAN KUMAR…; HEMANT KUMAR…
- **Advocates:** Ashish Dh…; Uddyam Muk…; +2 more

## Timeline

- **June 27, 2019 — Initial Debenture Trust…**: Debenture trustee deed…
- **September 30, 2020 — Amended Debenture Trust…**: Debenture trustee deed…

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