# In the matter of ECSTASY REALTY PRIVATE LIMITED

> NCLT judgment dated 2026-03-09. Citation: TCN-2026-NCLT-00207. Catalyst Trusteeship Limited filed a petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 Mar 2026
- **Citation:** TCN-2026-NCLT-00207
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/ecstasy-realty-private-limited-f0fb0127

## Summary

### Background

Catalyst Trusteeship Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ecstasy Realty Private Limited due to default in payment of credit facilities.

## Facts

The Company Petition was filed on 25.08.2022 under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC).

The Corporate Debtor defaulted on credit facilities amounting to Rs. 1203,55,50,671/-.

The date of default stated to be is 30.06.2022.

The loan was obtained for the construction of a residential cum retail project.

The Financial Creditor issued a recall notice dated 21.07.2022 to the Corporate Debtor.

The Supreme Court allowed the appeal and restored the Company Petition (IB) 922/MB/C-I/2022.

M/s ARCK Resolution Professionals LLP has been appointed as the Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether the NCLT and NCLAT erred in ignoring the binding terms of the Debenture Trust Deed dated …

**Ratio:** The Supreme Court held that the NCLT and NCLAT erred in ignoring the binding terms of the

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**Reasoning:** The Supreme Court found that the terms of the Debenture Trust Deed were binding and

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**Interpretation:** The judgment emphasizes the importance of adhering to the terms of contractual

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**Application:** This principle reinforces the sanctity of contracts and the need for

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Catalyst Trusteesh…
- **Respondents:** Ecstasy Realty…
- **Other parties:** M/s ARCK Resolutio…
- **Advocates:** Bhalchandra…; Aniket…; +6 more

## Timeline

- **2022-08-25 — Filing of Company…**: Company Petition filed under section 7 of…
- **2022-07-21 — Recall N…**: Financial Creditor issued a recall…

## 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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