Is Shilpa Shetty in bankruptcy?

Actress-cum-entrepreneur-cum yoga instructor Shilpa Shetty seems to have burnt her fingers with her venture into food business. The international chains of restaurants and take-away joints have burnt a deep hole in the pockets of Shilpa Shetty and her husband Raj Kundra.

The wife and husband crowed about their 33 per cent stake in the food business in late 2009, after investing nearly sixty lakh Pounds with plans of starting off a chain of dining places at Dubai and Jordan. In fact, it was the second time that Shilpa Shetty has infused money into the venture as she had previously resuscitated the ailing chain of restaurants with an equally high stake.

The project did not turn around as anticipated and at last the group which was running the business had filed bankruptcy petition. Bad press aside, the group had to contend with bad debts and scout for loan approvals from financial institutions. The group with 264 employees spread out over 17 locations had to lastly throw in the towel. The actress but downplayed the near-catastrophe by declaring that she exited the group in December last. She puts up a brave face saying that she is eying something grand on a larger scale.