NCLT admits IDBI Trusteeship IBC plea against Shree Vardhman's promoter
This story was originally published at 19:13 IST on 30 October 2025
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NEW DELHI – The Delhi bench of the National Company Law Tribunal Thursday admitted IDBI Trusteeship Services Ltd.'s plea to start personal guarantor insolvency proceedings against Shree Vardhman Infraheights Pvt. Ltd.'s promoter Tushaar Goel for an unpaid amount of INR 3.74 billion. The tribunal said that debt had become due and remained unpaid by Goel, as evident in the default notice, corporate guarantee notice, personal guarantee invocation notice and the initiation of proceedings against Shree Vardhman Infraheights.
The tribunal asked the resolution professional of Goel to invite claims from all creditors within seven days. It ordered Goel to prepare a repayment plan in consultation with the resolution professional.
Santur Infrastructures Pvt. Ltd., a wholly owned subsidiary of Shree Vardhman Infraheights, had granted the latter exclusive rights to develop a project by the name of "Shree Vardhman Victoria" upon a piece of land owned by it. Shree Vardhman Infraheights had proposed to issue and allot debentures by private placement to Kautilya Finance B.V. for the development and construction of the project. Between 2016 and 2018, Kautilya Finance B.V. agreed to subscribe fully secured, to be listed, redeemable, transferable, interest-bearing, non-convertible debentures.
Tushar Goel has issued three personal guarantee agreements to secure the debt owed by Shree Vardhman Infraheights towards Kautilya Finance B.V. Thereafter, IDBI Trusteeship, which was acting as the debenture trustee on behalf of Kautilya Finance B.V., moved the tribunal against Shree Vardhman Infraheights, Santur Infrastructures and Goel after the dues were not paid by them. Both the companies were admitted into insolvency this year. End
Reported by Surya Tripathi
Edited by Akul Nishant Akhoury
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