M/s Shree Vardhman Infraheights Private Limited(“SVIPL” or the “Corporate Debtor”), is a private limited company incorporated on 19.07.2011 under the provisions of the Companies Act, 1956, and is primarily engaged in the business of real estate development, marketing, and sale of residential projects.The Corporate Debtor has been developing a housing project, “Shree Vardhman Victoria”, situated on 10.9687 acres of land at Village Badshahpur, Sector-70, Gurgaon Manesar Urban Complex, Gurugram (“the Project Land”).

In order to facilitate the development and construction of the aforesaid project, the Corporate Debtor had proposed to issue and allot Debentures via private placement to Kautilya Finance B.V. (“KFBV/ Debenture Holder”). However, owing to the Corporate Debtor’s failure to discharge its debt obligations, a Corporate Insolvency Resolution Process (“CIRP”) was initiated against it pursuant to an application filed by IDBI Trusteeship Services Limited (the “Debenture Trustee”), which was admitted vide order dated 08.01.2025 passed by the Hon’ble National Company Law Tribunal, Principal Bench, New Delhi.

PERSONAL INSOLVENCY RESOLUTION PROCESS IDBI TRUSTEESHIP SERVICES LIMITED VS. MR. TUSHAR GOEL, PERSONAL GUARANTOR TO M/S SHREE VARDHMAN INFRAHEIGHTS PRIVATE LIMITED – CP (IB) No. 299 of 2025 PERSONAL INSOLVENCY RESOLUTION PROCESS INITIATED VIDE ORDER DATED 30.10.2025 PASSED BY THE HON’BLE NCLT, PRINCIPAL BENCH, NEW DELHI

That for the purpose of, inter alia, the development and construction of the Project (Shree Vardhman Victoria), M/s Shree Vardhman Infraheights Private Limited proposed to issue and allot debentures by way of private placement to Kautilya Finance B.V. Accordingly, the Corporate Debtor issued an Information Memorandum-cum-Private Placement Offer Letter dated 07.04.2016 for the said purpose.

In order to secure the debt obligations of the Corporate Debtor towards Kautilya Finance B.V. (Debenture Holder), Mr. Tushar Goel(“Personal Guarantor”) extended his personal guarantee vide Guarantee Deeds dated 27.05.2016, 20.07.2017, and 27.09.2018, in respect of the debt owed by the Corporate Debtor. Upon default by the Corporate Debtor, IDBI Trusteeship Services Limited (“IDBI”), in its capacity as Debenture Trustee, issued a notice dated 28.03.2025 invoking the Personal Guarantor’s obligations under the aforesaid Guarantee Deeds. However, the Personal Guarantor failed to make any repayment or provide any response.

Consequently, IDBI issued a default notice dated 15.04.2025, granting the Personal Guarantor 14 days’ time to make payment of the outstanding dues. Despite the said notice, no payment was made by the Personal Guarantor.

In view of the continued default, IDBI Trusteeship Services Limited, acting as Debenture Trustee for KFBV, was constrained to file an application under Section 95 of the Insolvency and Bankruptcy Code, 2016 (“the Code”) before the Hon’ble National Company Law Tribunal, New Delhi Bench, titled IDBI Trusteeship Services Limited v. Tushar Goel, CP (IB) No. 299 of 2025.

The Hon’ble Adjudicating Authority, vide order dated 30.05.2025, appointed Mr. Jalesh Kumar Grover, IBBI Registration No. IBBI/IPA-001/IP-P00200/2017-18/10390, as the Resolution Professional. Thereafter, vide order dated 30.10.2025, the Hon’ble NCLT admitted the Personal Insolvency Resolution Process of Mr. Tushar Goel under Section 100 of the Insolvency and Bankruptcy Code, 2016.

In furtherance of the directions issued by the Hon’ble Adjudicating Authority and in compliance with the provisions of Section 102 of the Code, the Resolution Professional issued a Public Notice dated 01.11.2025, inviting claims from all creditors within 21 days of such issuance.

Copies of the orders dated 30.05.2025 and 30.10.2025, along with a copy of the Public Notice dated 01.11.2025, are available on the webpage of the Personal Guarantor.