NCLT Orders Return Of ₹58.58 Crore To Sunshine Housing Over Preferential Payments To Creditors
The Mumbai bench of the National Company Law Tribunal (NCLT) has directed parties that received payments from real estate company Sunshine Housing & Infrastructure to return ₹58.58 crore to the company, ruling that the payments gave them an unfair preference over secured creditors. Company Entered Insolvency Process In 2019 Sunshine Housing was admitted to the Corporate Insolvency Resolution…
The National Company Law Tribunal (NCLT) in Mumbai has ruled that parties receiving payments from real estate company Sunshine Housing & Infrastructure must return ₹58.58 crore. The tribunal found that these payments gave the recipients an unfair preference over secured creditors. Sunshine Housing entered the Corporate Insolvency Resolution Process (CIRP) on May 8, 2019, after an ICICI Prudential Real Estate AIF-I petition.
The company had over ₹100 crore in outstanding dues to secured creditors as of March 31, 2018, while the liquidation value was only about ₹63.29 crore. The NCLT also examined a transaction involving mortgaged property and ordered the recipients to return the funds within 30 days, with interest of 12% per annum on any remaining unpaid amount.
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