# In the matter of NEELKANTH REALTORS LIMITED

> NCLT judgment dated 2026-04-17. Citation: TCN-2026-NCLT-00371. Catalyst Trusteeship Limited filed an application under Section 7 of the IBC, 2016 against…

- **Court:** NCLT
- **Order date:** 17 Apr 2026
- **Citation:** TCN-2026-NCLT-00371
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/neelkanth-realtors-limited-79e2085c

## Summary

### Background

Catalyst Trusteeship Limited filed an application under Section 7 of the IBC, 2016 against Neelkanth Realtors Limited, claiming default on NCDs and OFCDs. The Corporate Debtor opposed the application, alleging malafide intentions and disputing the default.

## Facts

Catalyst Trusteeship Limited filed an application under Section 7 of the IBC, 2016 against Neelkanth Realtors Limited.

The application pertains to defaults on Non-Convertible Debentures (NCDs) and Optionally Fully Convertible Debentures (OFCDs).

The date of default is mentioned as 01.05.2025 for NCD and 02.05.2025 for the OFCD.

The applicant is claiming an amount of Rs. 2,24,06,06,675 towards the NCD and a sum of Rs. 25,90,66,449/- towards the OFCD.

The Corporate Debtor issued 1760 debentures of face value INR 10,00,000 each, in two tranches of Series I: Rs. 163,00,00,000 and Series II: Rs. 13,00,00,000.

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## Issues and analysis

### Issue 1: Whether the CIRP should be restricted to a specific project of the Corporate Debtor, considering it …

**Ratio:** The Hon'ble Supreme Court in the case of Mansi Brar (supra) has explicitly directed that

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**Reasoning:** The Tribunal considered the judgments of the Hon'ble Supreme Court in Mansi Brar

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**Interpretation:** The Tribunal interpreted these judgments to mean that for real estate projects,

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**Application:** The Tribunal applied this principle to the present case and held that the CIRP

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Catalyst Trusteesh…
- **Respondents:** Neelkanth…
- **Other parties:** Bhavik Bhi…; Snehal Arvind…
- **Advocates:** Gaurav…; Ryan D'…; +8 more

## Timeline

- **2022-04-19 — Debenture Tru…**: Debenture Trust Deed dated 19.04.2022 entered into with India Investment Credit Fund…
- **2024-06-28 — NOC for…**: An in-principle NOC for IPO was issued on June 28, 2024, at a stage when the first…

## 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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