Neesa Leisure files contempt plea against IFCI

“We have initiated contempt of court proceedings against IFCI in the HC and also filed a civil suit challenging the decision of IFCI to recall the loan,” said Sanjay Gupta chairman of NILL,which is a public limited company having operations in the hospitality sector and offering services under the brand “Cambay”.

The IFCI’s public notice published on February 26,talks of an order of Debts Recovery Tribunal,Ahmedabad,that restrains the transfer and sale of properties pledged with IFCI for a loan of Rs 32 crore taken by NLL. Most of these properties are located in Udaipur,Alwar and Jaipur districts of Rajasthan.

IFCI had approached the Debts Recovery Tribunal against NLL and its guarantors — Sanjay Gupta,Neelu Gupta and Ms/ Neesa Agritech Pvt Ltd — for recovery of Rs 32,06,20,611 that was payable on January 21,2013. An email sent to IFCI on this issue remained unanswered.

The Gujarat unit of Congress had on Tuesday termed Sanjay Gupta as a “defaulter” and demanded his removal as the head of Metro-Link Express for Gandhinagar and Ahmedabad (MEGA),which is the company that is implementing the Rs 15,000-crore Ahmedabad Metro project.