# In the matter of BCC Infrastructures Private LImited

> NCLT judgment dated 2024-01-17. Citation: TCN-2024-NCLT-03033. The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by…

- **Court:** NCLT
- **Order date:** 17 Jan 2024
- **Citation:** TCN-2024-NCLT-03033
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bcc-infrastructures-private-limited-66eac712

## Summary

### Background

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Catalyst Trusteeship Limited, the Financial Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against BCC Infrastructures Private Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 746,82,04,199/-, including principal, interest, and other dues, related to secured, redeemable non-convertible debentures. The date of default was stated as 01.06.2023, following a recall notice issued on 24.05.2023.

## Facts

Catalyst Trusteeship Limited, the Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against BCC Infrastructures Private Limited, the Corporate Debtor. The Corporate Debtor issued 17.25% secured, redeemable non-convertible debentures with a face value of Rs. 10,00,000/- each, totaling Rs. 420,00,00,000/- to the Financial Creditor under a Debenture Trust Deed. The debentures were to be utilized for the development, construction, and completion of a residential project named "Bharat City" in Ghaziabad, Uttar Pradesh. The Series I Date of Allotment for the debentures was 22.11.2019. The debentures became redeemable in 12 equal quarterly installments starting from

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted on its …

**Ratio:** The Debenture Trust Deed stipulates that non-payment of interest and principal on the

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**Reasoning:** The Corporate Debtor failed to redeem the debentures as per the agreed schedule,

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**Interpretation:** The Debenture Trust Deed is interpreted as a binding agreement between the

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**Application:** The Corporate Debtor's failure to make timely payments as per the Debenture

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** M/s. Catalyst…
- **Respondents:** BCC INFRASTRUCTURE…; M/s. BCC INFRASTRU…

## Timeline

- **2019-11-22 — Series I Date of…**: The Series I Date of…
- **2022-02-21 — First Redempt…**: The date from which the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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