# In the matter of BCC Infrastructures Private LImited

> NCLT judgment dated 2024-01-17. Citation: TCN-2024-NCLT-03021. 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-03021
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bcc-infrastructures-private-limited-93c8d2df

## Summary

### Background

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Catalyst Trusteeship Limited, the Applicant/Financial Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against BCC Infrastructures Private Limited, the Respondent/Corporate Debtor. The application was based on the Corporate Debtor's alleged default in clearing the principal amount, interest, default interest, and redemption premium, totaling Rs. 746,82,04,199/-, with the date of default being 01.06.2023, following a recall notice dated 24.05.2023. The Corporate Debtor issued 17.25% secured, redeemable non-convertible debentures with a face value of Rs. 10,00,000/- for an aggregate amount of Rs. 420,00,00,000/- to the Financial Creditor. The Debenture Trust

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## Facts

Catalyst Trusteeship Limited, the Financial Creditor, 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 basis for the application was the Corporate Debtor's default in clearing the principal amount, interest, default interest, and redemption premium, totaling Rs. 746,82,04,199/-. The default date was 01.06.2023, following a recall notice dated 24.05.2023. The Corporate Debtor had issued 17.25% secured, redeemable non-convertible debentures with a face value of Rs. 10,00,000/- for an aggregate amount of Rs. 420,00,00,000/- to the Financial Creditor. The Debenture Trust Deed governed the terms of these

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in its obligation to redeem the debentures as per the …

**Ratio:** The Debenture Trust Deed outlines the terms and conditions of the debentures, including

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

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**Interpretation:** The Debenture Trust Deed is a legally binding document that governs the

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**Application:** The Corporate Debtor's failure to redeem the debentures as per the Debenture

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## Parties

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

## Timeline

- **2019-11-22 — Series I Date of…**: Series I Date of…
- **2019-11-16 — Debenture Trust Deed…**: Date of the Debenture…

## 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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