# In the matter of VATIKA LIMITED

> NCLT judgment dated 2026-02-03. Citation: TCN-2026-NCLT-00097. IDBI Trusteeship Services Limited, acting as a Financial Creditor, filed a petition under…

- **Court:** NCLT
- **Order date:** 3 Feb 2026
- **Citation:** TCN-2026-NCLT-00097
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vatika-limited-64f919d4

## Summary

### Background

IDBI Trusteeship Services Limited, acting as a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vatika Limited, the Corporate Debtor, due to defaults in payment of Non-Convertible Debentures (NCDs).

## Facts

IDBI Trusteeship Services Limited filed a petition under Section 7 of the IBC to initiate CIRP against Vatika Limited.

Vatika Limited issued 1,460 fully secured, unlisted, redeemable Non-Convertible Debentures (NCDs) of face value ₹10,00,000 each, aggregating to ₹146 crore.

The initial contractual tenure of the NCDs was 48 months, with the redemption date originally falling due on 30.06.2021.

The redemption date was extended to 30.06.2024 through an Amendment Deed and subsequent extension letters.

Vatika Limited failed to continue servicing quarterly coupon interest and made no interest payments after 15.06.2022.

IDBI Trusteeship Services Limited issued demand notices on 01.09.2023 and 29.12.2023, demanding outstanding quarterly interest.

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## Issues and analysis

### Issue 1: Whether a default has occurred within the …

**Ratio:** The failure to pay interest due from 15.06.2022 onwards constitutes a contractually

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**Reasoning:** The Debenture Trust Deed stipulates the payment of quarterly coupon interest as a

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**Interpretation:** The Adjudicating Authority interpreted the Debenture Trust Deed and the IBC to

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**Application:** The Adjudicating Authority applied this interpretation to the facts of the

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## Parties

- **Judges:** KHETRABASI…; SHISHIR A…
- **Appellants:** IDBI Trusteeship…
- **Respondents:** Vatika Li…
- **Other parties:** Jayant Pr…
- **Advocates:** Gopal…; Meghna M…; +7 more

## Timeline

- **2024-02-07 — Petition…**: IDBI Trusteeship Services Limited filed the…
- **2026-03-02 — Judgment De…**: The Adjudicating Authority admitted the petition and initiated CIRP against Vatika…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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