# Catalyst Trusteeship Limited vs. Infiiloom India Private Limited

> NCLT judgment dated 2026-09-04. Citation: TCN-2026-NCLT-00918. Catalyst Trusteeship Limited (Financial Creditor/Applicant) filed an application under Section…

- **Court:** NCLT
- **Order date:** 4 Sept 2026
- **Citation:** TCN-2026-NCLT-00918
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/catalyst-trusteeship-limited-vs-infiiloom-india-private-limited-gokiv

## Summary

### Background

Catalyst Trusteeship Limited (Financial Creditor/Applicant) filed an application under Section 7 of the IBC, 2016, against Infiiloom India Private Limited (Corporate Debtor) for the initiation of CIRP due to defaults on debentures (NCDs and OCDs) totaling Rs. 260 Crores. The Corporate Debtor sought multiple deferments for payment obligations, which were granted, but ultimately failed to make payments. The Applicant issued default notices and a recall notice, accelerating the debt. The Corporate Debtor challenged the validity of these notices, the authority of the Applicant, and the jurisdiction of the NCLT, citing ongoing restructuring discussions and a pending commercial suit in the Delhi High Court. The Corporate Debtor also filed an Interlocutory Application (IA)

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## Facts

Catalyst Trusteeship Limited (Applicant/Financial Creditor) filed an application under Section 7 of the IBC, 2016, against Infiiloom India Private Limited (Corporate Debtor).

The application sought commencement of CIRP, appointment of IRP, and declaration of moratorium.

The Corporate Debtor raised funds aggregating to Rs. 260,00,00,000/- by issuing unlisted, secured, redeemable debentures (NCDs and OCDs) on a private placement basis.

The total outstanding amount in default under the Debentures as on 30 March 2026 is Rs. 3,41,32,43,383/-.

The debentures were secured by mortgages, share pledges, corporate and personal guarantees.

The Corporate Debtor failed to pay NCD Cash Coupons due from June 2025.

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## Issues and analysis

### Issue 1: Whether the Applicant was duly authorised by the Debenture Holders to institute and prosecute the …

**Ratio:** The Investment Management Agreements authorize the Investment Manager (EAAA) to manage

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**Reasoning:** The Debenture Holders (India Special Assets Fund III and ISAF III Onshore Fund) appointed

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**Interpretation:** The chain of authority from Debenture Holders to Vistra (Trustee) to EAAA

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**Application:** The Corporate Debtor's objection regarding the Applicant's lack of

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Catalyst Trusteesh…
- **Respondents:** Infiiloom India…
- **Other parties:** India Special…; ISAF III Onshore…; +1 more
- **Advocates:** Chetan Ka…; Vidish…; +10 more

## Timeline

- **2024-08-14 — Debenture Trust Deeds and…**: Debenture Trust Deeds (NCD DTD, OCD DTD) and Debenture Trustee Appointment Agreements…
- **2024-08-17 — Share Pledge A…**: Share Pledge Agreement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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