# Vistra ITCL (India) Limited vs. Rajesh Habitat Private Limited

> NCLT judgment dated 2026-08-10. Citation: TCN-2026-NCLT-00829. Vistra ITCL (India) Limited (Financial Creditor) filed a Company Petition under Section 7 of…

- **Court:** NCLT
- **Order date:** 10 Aug 2026
- **Citation:** TCN-2026-NCLT-00829
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/vistra-itcl-india-limited-vs-rajesh-habitat-private-limited-pes85

## Summary

### Background

Vistra ITCL (India) Limited (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rajesh Habitat Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The petition alleged defaults totaling Rs. 41,58,12,718/- as of 31.12.2019, arising from the Corporate Debtor's failure to honor repayment obligations under two Debenture Trust Deeds (DTD-1 dated 09.09.2016 and DTD-2 dated 22.03.2017) for Non-Convertible Debentures (NCDs). The Financial Creditor had previously initiated Commercial Suit No. 180 of 2022 before the Bombay High Court, where Consent Terms were executed. Under these terms, the Corporate Debtor and its guarantors acknowledged liability and agreed to a

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## Facts

Company Petition C.P. (IB) No.961/MB/2023 was filed on 23.08.2023 under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The petition was filed by Vistra ITCL (India) Limited (Financial Creditor) against Rajesh Habitat Private Limited (Corporate Debtor).

The total amount claimed to be in default is Rs.41,58,12,718/- as on 31.12.2019.

The defaults arise from obligations under Debenture Trust Deed dated 09.09.2016 (DTD-1) and Debenture Trust Deed dated 22.03.2017 (DTD-2).

The Corporate Debtor first defaulted in payment of coupon amount under DTD-1 on 31.12.2018.

The Corporate Debtor first defaulted in payment of coupon amount under DTD-2 on 30.09.2018.

The Corporate Debtor is engaged in the business of real estate.

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## Issues and analysis

### Issue 1: Whether the present Application filed by Vistra ITCL (India) Limited, acting in its capacity as …

**Ratio:** A Debenture Trustee, acting in a representative capacity on behalf of debenture holders,

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**Reasoning:** Section 7(1) of the Code permits a Financial Creditor to initiate CIRP. Section 5(7)

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**Interpretation:** The statutory definitions within the IBC are broad enough to include a

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**Application:** Vistra ITCL (India) Limited, as the appointed Debenture Trustee, validly

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## Parties

- **Judges:** ASHISH KALIA,…; ANIL RAJ CHELLAN,…
- **Appellants:** Vistra ITCL…
- **Respondents:** Rajesh Habitat…
- **Other parties:** Committee of…; IL&FS Trust…; +4 more
- **Advocates:** Karan Sa…; Harshit…

## Timeline

- **2016-05-13 — Shareholders' R…**: Shareholders' Resolution passed authorizing the issuance of Non-Convertible Debentures…
- **2016-09-06 — Board Reso…**: Board Resolution passed authorizing the issuance and allotment of secured, unlisted,…

## 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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