# In the matter of Shipra Estate Ltd.

> NCLT judgment dated 2024-01-24. Citation: TCN-2024-NCLT-02926. The case involves a Company Petition (IB) 513 of 2022 filed by IDBI Trusteeship Services…

- **Court:** NCLT
- **Order date:** 24 Jan 2024
- **Citation:** TCN-2024-NCLT-02926
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shipra-estate-ltd-2efd934c

## Summary

### Background

The case involves a Company Petition (IB) 513 of 2022 filed by IDBI Trusteeship Services Limited, acting as the Debenture Trustee for IIFL Finance Limited, against Shipra Estate Limited, the Corporate Debtor. The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Shipra Estate Limited, which acted as a corporate guarantor for a debt availed by Just About Movies Private Limited (JAMPL) from IIFL Finance Limited. JAMPL defaulted on its repayment obligations, leading to the invocation of the corporate guarantee by IDBI Trusteeship Services Limited on behalf of IIFL. The Corporate Debtor opposed the petition, raising objections regarding the maintainability of the application and compliance with regulatory requirements.

## Facts

IDBI Trusteeship Services Limited, acting as a Debenture Trustee of IIFL Finance Limited, filed a Company Petition (IB) 513 of 2022 under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shipra Estate Limited. Shipra Estate Limited acted as a corporate guarantor for a debt availed by Just About Movies Private Limited (JAMPL) from IIFL Finance Limited. The debt amount was INR 229,13,00,000/-, disbursed in tranches, with the first disbursement on 30.03.2019 and the last on 12.05.2021. JAMPL defaulted in repayment since 01.07.2021. IDBI Trusteeship Services Limited issued a notice invoking the corporate guarantee on 02.08.2021. Shipra Estate Limited, through its director and promoter, Mr.

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## Issues and analysis

### Issue 1: Whether IDBI Trusteeship Services Limited, as a Debenture Trustee, is authorized to file an …

**Ratio:** It is settled law that in case of default in payment money due on debentures, either the

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**Reasoning:** The Adjudicating Authority relied on the notification issued by the Ministry of Corporate

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**Interpretation:** The notification clarifies that debenture trustees have the authority to

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**Application:** The Adjudicating Authority held that IDBI Trusteeship Services Limited, as a

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** IDBI Trusteeship…
- **Respondents:** Shipra Estate…

## Timeline

- **2019-03-30 — First Disbu…**: The first disbursement of the debt…
- **2021-05-12 — Last Disbur…**: The last disbursement of the debt…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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