NCLT Orders Return Of ₹58.58 Crore To Sunshine Housing Over Preferential Payments To Creditors | AI
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 Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) on May 8, 2019, following a petition filed by ICICI Prudential Real Estate AIF-I.
The tribunal found that the payments were made…