# Catalyst Trusteeship Limited vs. JUD Cements Limited

> NCLT judgment dated 2026-10-12. Citation: TCN-2026-NCLT-01212. Catalyst Trusteeship Limited (Financial Creditor) filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 12 Oct 2026
- **Citation:** TCN-2026-NCLT-01212
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-guwahati/j-u-d-cements-ltd-7fcbw

## Summary

### Background

Catalyst Trusteeship Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against J.U.D. Cements Limited (Corporate Debtor). The petition sought to resolve a financial debt of Rs. 1,96,69,05,415/- as of 30.04.2026, arising from defaulted Non-Convertible Debentures (NCDs). The Corporate Debtor raised several objections, including lack of locus for the Petitioner, the nature of the debt, the absolving effect of an Escrow arrangement, and the application being a recovery mechanism.

## Facts

Catalyst Trusteeship Limited (Petitioner/Financial Creditor) filed a petition under Section 7 of IBC, 2016, to initiate CIRP against J.U.D. Cements Limited (Corporate Debtor).

The petition sought CIRP for an unresolved Financial Debt of Rs. 1,96,69,05,415/- as on 30.04.2026.

The Corporate Debtor authorized the issuance of 1,550 secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) of Rs. 10 lakhs each, aggregating to Rs. 155 crores.

A Debenture Trustee Agreement was executed on 05.11.2024, appointing the Petitioner as Debenture Trustee.

A Debenture Trust Deed was executed on 30.12.2024.

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## Issues and analysis

### Issue 1: Whether the Petitioner has locus to maintain the present application and whether the Debenture …

**Ratio:** A Debenture Trustee, acting in a representative capacity with proper authorization from

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**Reasoning:** The Petitioner filed the application in its capacity as the Debenture Trustee, supported

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**Interpretation:** Locus standi for a financial creditor under Section 7 of IBC can be established

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**Application:** The Petitioner, Catalyst Trusteeship Limited, as the Debenture Trustee, has the

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## Parties

- **Judges:** Rammurti Ku…; Yogendra Kumar…
- **Appellants:** Catalyst Trusteesh…
- **Respondents:** JUD Cements…
- **Other parties:** Committee of…; Avishek…
- **Advocates:** Rishav Ba…; Ritika S…; +8 more

## Timeline

- **2024-11-05 — Debenture Trustee…**: A Debenture Trustee Agreement was executed, appointing Catalyst Trusteeship Limited as…
- **2024-12-30 — Debenture Trust Deed and Common Security…**: A Debenture Trust Deed and a Common…

## 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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