Reportable

2026 INSC 186 IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 7424 OF 2025 CATALYST TRUSTEESHIP LTD. … Appellant versus ECSTASY REALTY PVT. LTD. … Respondent

J U D G M E N T

SANJAY KUMAR, J

1. Refusal to initiate corporate insolvency resolution process under

1 Section 7 of the Insolvency and Bankruptcy Code, 2016 , against Ecstasy Realty Pvt. Ltd., the respondent, is in issue. CP (IB) 922/MB/C-I/2022 filed in that regard by Catalyst Trusteeship Ltd. (hereinafter, referred to as ‘the debenture trustee’) was dismissed by the National Company Law Tribunal, Mumbai Bench-I (‘NCLT’), vide order dated 03.02.2023. The same stood confirmed in appeal by the National Company Law Appellate Tribunal, Principal Bench, New Delhi (‘NCLAT’), vide judgment dated 16.04.2025 passed in the debenture trustee’s Company Appeal (AT) (Insolvency) No. 467 of 2023. Aggrieved thereby, the debenture trustee is Signaturei Nnot V earifiepd peal before this Court under Section 62 of the Code.

Digitaly signed by SACHIN KUMAR SRIVASTAVA Date: 2026.02.24 Reason:

1 For short, ‘the Code’

2. The respondent company proposed to erect a residential-cum-retail project in Mumbai and to meet it