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IDBI Trusteeship approaches NCLT against Noida developer Shipra Estate

Economic Times  

IDBI Trusteeship Services has approached the Delhi bench of the National Company Law Tribunal (NCLT) against Noida-based developer Shipra Estate Ltd for the default of over INR 315 crore. The lenders have proposed Nishanth Gupta as interim resolution professional. The petition said that the lenders had extended a facility based on mortgages of large land parcels in Lucknow and Chandigarh. The plea further claims that the developer failed to make any progress to monetise the same land parcels in the last 5 years. IDBI Trusteeship is a trustee for the non-convertible debentures subscribed by IIFL Asset Management Company in 2015.