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Informist, Wednesday, Sept. 9, 2026

 

NEW DELHI – The Delhi bench of the National Company Law Tribunal has allowed Shipra Estate Ltd. to exit the corporate insolvency resolution process after it reached a settlement with lenders Rare Asset Reconstruction Co. Ltd., Morgan Asia Pvt. Ltd., CFM Asset Reconstruction Co, Ltd. and others. The tribunal said creditors holding 93.99% of the voting share of the committee of creditors approved the proposal to withdraw insolvency proceedings against Shipra Estate. The 93.99% voting share exceeds the statutory threshold of 90% prescribed under the Insolvency and Bankruptcy Code, it said.

 

The application to withdraw the insolvency proceedings against Shipra Estate was filed by its resolution professional, and the tribunal said all procedural requirements prescribed by law have been duly complied with. In this case, no objection has been raised to the proposed withdrawal of insolvency proceedings against the corporate debtor, and nothing has been brought on record to suggest that the committee of creditors' decision to approve the withdrawal suffers from any infirmity, it said. Consequently, there is no reason for the adjudicating authority to interfere with the commercial wisdom exercised by the committee of creditors, it said.

 

In 2024, the tribunal admitted a petition by IDBI Trusteeship Services Ltd. to start insolvency proceedings against real estate developer Shipra Estate. The insolvency petition was filed by IDBI Trusteeship in the capacity of debenture trustee of IIFL Finance Ltd., alleging a default of INR 3.33 billion against Shipra Estate. In the insolvency proceedings, the entire financial debt was assigned to Rare Asset Reconstruction Co.

 

Thereafter, Shipra Estate and Rare Asset Reconstruction entered into a settlement to discharge the entire financial debt, under which the corporate guarantees were also agreed to be discharged. Pursuant thereto, Rare Asset Reconstruction submitted Form FA to the resolution professional, who placed the proposal before the committee of creditors for its consideration for withdrawing insolvency proceedings against Shipra Estate.   

 

Shipra Estate is a real estate development company that has developed integrated townships, residential properties, hotels, information technology, and business parks.  End 

 

Reported by Surya Tripathi

Edited by Saji George Titus

 

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