Vistra ITCL (India) Limited vs Vithal Madhukar Dahake

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2026 Supreme(Online)(NCLAT) 261

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
NARESH SALECHA, Technical Member
Vistra ITCL (India) Limited – Appellant
Versus
Vithal Madhukar Dahake – Respondent

For the Appellants/Petitioners:Mr. Sunil Fernandes Sr. Adv. with Mr. Dharav Shah, Mr. Suyash Goverdhan, Mr. Pranaya Goyal, Ms. Nanki Geewal, Ms. Manasi Joguekar & Ms. Srishti Agarwal, Advocates
For the Respondents:Mr. Amit Arsiwala, Mr. Yash Jariwala & Ms. Neha Arya, Advocates for R-1, Mr. Rhtythm Buaria & Mr. Kinnar Shah, for R-2, Mr. Krishnendu Datta, Sr. Adv. with Mr. Varun Kalra, Mr. Pranav Khanna, Mr. Shahan Vlla & Mr. Harsh Gurbaaz, Advocates for R-3

Table of Content
1. appeal background and parties impleadment. (Para 1 , 2)
2. appellant's claim submission and rp rejection. (Para 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10)
3. covenant to pay constitutes financial debt. (Para 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20)
4. no disbursement to cd, not financial debt. (Para 23 , 24 , 25 , 26 , 27 , 28 , 29)
5. anuj jain: mortgage without disbursement not financial debt. (Para 30 , 31 , 32 , 33)
6. appellant is other secured creditor. (Para 38 , 39 , 40)
7. framing issues and relevant statutory provisions. (Para 43 , 44)
8. factual matrix of debentures and mortgages. (Para 45 , 46 , 47 , 48 , 49 , 50)
9. direct disbursement not sine qua non. (Para 53 , 54 , 55 , 56 , 57)
10. dtd definitions: obligors and security providers. (Para 59 , 60 , 61 , 62 , 63 , 64 , 65 , 66)
11. mortgage indentures create covenant to pay. (Para 67 , 68 , 69 , 70 , 71 , 72 , 73)
12. clause 2 covenant binds cd as guarantor. (Para 74 , 75 , 76 , 77 , 78)
13. covenant to pay akin to guarantee under contract act. (Para 79 , 80 , 81 , 82)
14. covenant elevates to secured financial debt. (Para 83 , 84 , 85 , 86 , 87 , 88 , 89 , 90 , 91)
15. china development bank: covenant tantamount t

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2026 Supreme(Online)(NCLAT) 261

NATIONAL COMPANY LAW APPELLATE TRIBUNALNARESH SALECHA, Technical MemberVistra ITCL (India) Limited – AppellantVersusVithal Madhukar Dahake – Respondent

Cases Referred (4)

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
NARESH SALECHA, Technical Member
Vistra ITCL (India) Limited – Appellant
Versus
Vithal Madhukar Dahake – Respondent