Catalyst Trusteeship Ltd. (debenture trustee) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Ecstasy Realty Pvt. Ltd. (corporate debtor) due to a default on non-convertible debentures. The National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) dismissed the application, reasoning that a moratorium was in place due to restructuring discussions between the corporate debtor and one debenture holder (ECL Finance Limited - ECLF), and that the debenture trustee was aware of and implicitly agreed to the restructuring.
Ecstasy Realty Pvt. Ltd. (respondent) proposed a residential-cum-retail project in Mumbai and issued 850 redeemable non-convertible debentures worth ₹850 crore in two series (A and B).
A Debenture Trust Deed (DTD) was executed on 27.03.2018 between Catalyst Trusteeship Ltd. (debenture trustee), Ecstasy Realty Pvt. Ltd., and Shobhit J. Rajan (mortgage provider).
Series A debentures (₹600 crore) were fully subscribed and disbursed on 28/29.03.2018, with holders including ECL Finance Limited (ECLF), Edelweiss Finvest Pvt. Ltd., and Barbelo Estates LLP. Series B debentures (₹250 crore) were never issued.
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Catalyst Trusteeship Ltd. (debenture trustee) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Ecstasy Realty Pvt. Ltd. (corporate debtor) due to a default on non-convertible debentures. The National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) dismissed the application, reasoning that a moratorium was in place due to restructuring discussions between the corporate debtor and one debenture holder (ECL Finance Limited - ECLF), and that the debenture trustee was aware of and implicitly agreed to the restructuring.
Ecstasy Realty Pvt. Ltd. (respondent) proposed a residential-cum-retail project in Mumbai and issued 850 redeemable non-convertible debentures worth ₹850 crore in two series (A and B).
A Debenture Trust Deed (DTD) was executed on 27.03.2018 between Catalyst Trusteeship Ltd. (debenture trustee), Ecstasy Realty Pvt. Ltd., and Shobhit J. Rajan (mortgage provider).
Series A debentures (₹600 crore) were fully subscribed and disbursed on 28/29.03.2018, with holders including ECL Finance Limited (ECLF), Edelweiss Finvest Pvt. Ltd., and Barbelo Estates LLP. Series B debentures (₹250 crore) were never issued.
…Respondent company's Board of Directors passed…
Debenture Trust Deed (DTD) executed between…