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Abhijith C v. Ashok Chattaraj
IN THE NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH
[Through Physical hearing/VC Mode (Hybrid)]
ITEM No.24 I.A (IBC) No. 26/25 & 654/2026 CP (IB) No.13/BB/2024
IN THE MATTER OF:
M/s Vistra ITCL (India) Ltd … Petitioner Vs
M/s Seista Hospitality Services Ltd … Respondent
Petition under Section 7 of the I & B Code, 2016 Order delivered on: 08.09.2026
CORAM:
SHRI SUNIL KUMAR AGGARWAL
HON'BLE MEMBER (JUDICIAL)
SHRI RADHAKRISHNA SREEPADA
HON'BLE MEMBER (TECHNICAL)
COUNSELS PRESENT:
For the IRP : Ms. Siva Tejaswini
ORDER
1. Heard Ld. Counsel for Petitioner.
2. In compliance of the order dated 22.07.2026, the Petitioner has filed Memo vide Dy. No. 8385 dated 27.08.2026 along with affidavit of Shri Mantu Kumar, Authorised Representative of the Petitioner/Debenture Trustee affirming that Mobisoft Telesolutions Private Limited and BPEA India Credit Investment Trust II were the only Debenture holders of Debentures issued by the Corporate Debtor vide Debenture Trustee Agreement dated 01.03.2018. Mobisoft Telesolutions Private Limited had purchased the debentures held by BPEA India Credit Investment Trust II and became the sole Debenture Holder.
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3. The said sole Debenture holder entered into a Settlement Agreement dated 23.03.2026 with the Corporate Debtor and the Debenture Trustee has been informed of the entire settlement amount having been received by it. In terms of the settlement Agreement, the Petitioner as Debenture Trustee has received a sum of Rs. 13,05,517/- (Rupees Thirteen Lakhs Five Thousand Five Hundred and Seventeen) towards its fee and dues.
4. In pursuance of the settlement with sole Debenture Holder, Form FA was filed with RP of the Corporate Debtor by Shri Mantu Kumar on the strength of authority conferred on him vide Board Resolution dated 12.07.2025. The copy of the Board Resolution dated 12.07.2025, Debenture Purchase Agreement dated 19.07.2023, Proof of receipt of fee and dues by the Petitioner/Debenture Trustee, receipt of consideration of Rs. 30 Lakhs by Sole Debenture Holder, Board Resolutions dated 17.03.2026 in favour of the signatory to Settlement Agreement of Altruist Technologies Private Limited, Scholar Alley Private Limited and Mobisoft Telesolutions Private Limited and the identity documents of said signatories have been annexed.
5. In view of the clarification reflecting that the Petitioner and Sole Debenture Holder are on same page and have received the entire settlement consideration, the request for withdrawal of CIRP contained in Form-FA dated 03.06.2026 is accepted and the petition bearing C.P (IB) No. 13/BB/2024 is dismissed as withdrawn having been mutually settled by the parties. Proceedings in pending I.As if any, stand closed.
6. Consequently, the Corporate Debtor is released from the rigours of CIRP and the IRP/RP so appointed is directed to handover the management and custody/charge of the assets and affairs of the Corporate Debtor, if any to the Suspended Directors of Corporate Debtor, who are re-instated. The RP is discharged from his duties of the Corporate Debtor and moratorium is lifted with immediate effect.
7. File be consigned to Record Room
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RADHAKRISHNA SREEPADA SUNIL KUMAR AGGARWAL
MEMBER (TECHNICAL) MEMBER (JUDICIAL)
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