# Beacon Trusteeship Limited vs. Vatika IT Parks Private Limited

> NCLT judgment dated 2026-10-09. Citation: TCN-2026-NCLT-01206. Beacon Trusteeship Limited (Financial Creditor) filed a Section 7 IBC petition against Vatika…

- **Court:** NCLT
- **Order date:** 9 Oct 2026
- **Citation:** TCN-2026-NCLT-01206
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/vatika-it-parks-private-limited-n1ai6

## Summary

### Background

Beacon Trusteeship Limited (Financial Creditor) filed a Section 7 IBC petition against Vatika IT Parks Private Limited (Corporate Debtor) for a default of Rs. 233,75,19,372 on Optionally Convertible Debentures (OCDs). The Corporate Debtor filed an application under Section 8 of the Arbitration and Conciliation Act, 1996, seeking to refer the matter to arbitration, arguing that the dispute was covered by a Settlement Agreement containing an arbitration clause.

## Facts

Beacon Trusteeship Limited (Financial Creditor) filed a Section 7 IBC petition against Vatika IT Parks Private Limited (Corporate Debtor) for a default of Rs. 233,75,19,372.

The Financial Creditor acts as a debenture trustee for Asset Reconstruction Company (India) Ltd., the Debenture Holder (formerly Sammaan Capital Limited).

The Corporate Debtor issued 12,50,000 Optionally Convertible Debentures (OCDs) of Rs. 1,000 each, totaling Rs. 125,00,00,000.

A Debenture Trusteeship Agreement was executed on 01.07.2019, and a Debenture Trust Deed (DTD) was executed on 29.07.2019 between the Corporate Debtor, Applicant, Mr. Anil Bhalla, Mr. Gautam Bhalla (Promoters), and Vatika Ltd.

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## Issues and analysis

### Issue 1: Whether the arbitration clause in the Settlement Agreement has any bearing on the Section 7 …

**Ratio:** The Settlement Agreement is independent of the Debenture Trust Deed (DTD) and does not

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**Reasoning:** The NCLT found that the Settlement Agreement made no mention of the DTD or OCDs. Schedule

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**Interpretation:** An arbitration clause in one agreement (Settlement Agreement) does not

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**Application:** The Corporate Debtor's reliance on the arbitration clause in the Settlement

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## Parties

- **Judges:** MANNI SANKARIAH…; Reena Sinh…
- **Appellants:** Beacon Trusteeship…
- **Respondents:** Vatika IT Parks…
- **Other parties:** Committee of…; Megha Ag…; +2 more
- **Advocates:** Virender…; Vishal…; +9 more

## Timeline

- **2019-07-01 — Debenture Trusteeship…**: The Corporate Debtor appointed Beacon Trusteeship Limited as the debenture trustee by way…
- **2019-07-29 — Debenture Trust Deed (DTD) and Hypothecation…**: A DTD was executed between the Corporate Debtor, Beacon Trusteeship Limited, Mr. Anil…

## 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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