Catalyst Trusteeship Limited Vs Union of India (NCLT Ahmedabad)
The present Interlocutory Application (IA No. 129 of 2025) was filed by the Applicant, acting as Debenture Trustee, seeking modification of the NCLT Ahmedabad’s ex parte order dated 28.05.2025 in Company Petition No. 33 of 2025. The Applicant requested permission for ICICI Bank Limited to release ₹9.15 crore lying in the Debt Service Reserve Account (DSRA), which was stated to be lien-marked in its favour under the Debenture Transaction Documents.
The Applicant submitted that Blu-Smart Charge Private Limited had issued secured non-convertible debentures aggregating to ₹124.50 crore, secured through various transaction documents including a Debenture Trust Deed, Deed of Hypothecation, corporate guarantees, and registered charges. A first-ranking charge over the Subscription Account and other secured assets, including the DSRA amount, was registered with the Ministry of Corporate Affairs under Charge ID No. 100826351. ICICI Bank had also confirmed on 31.01.2024 that the DSRA amount of ₹9.15 crore was lien-marked in favour of the Applicant and would be released upon demand without requiring confirmation from Blu-Smart Charge Private Limited.
According to the Applicant, following the occurrence of events of default and the SEBI interim order dated 15.04.2025, it issued a Notice of Event of Default demanding repayment of approximately ₹130.11 crore and requested ICICI Bank to freeze the relevant accounts and release the DSRA funds. The Applicant alleged that although ICICI Bank initially imposed a debit freeze, it later informed the Applicant that fixed deposits of approximately ₹166 crore were no longer available, leaving only the ₹9.15 crore DSRA amount. The Applicant subsequently instituted Commercial Civil Suit No. 113 of 2025 before the Commercial Court at Ahmedabad seeking enforcement of its security interest. Interim protection was granted by the Commercial Court, and later, on 20.04.2026, the Commercial Court directed maintenance of status quo regarding the subject amount.
