The Free Press Journal · Business
NCLT Orders Return Of ₹58.58 Crore To Sunshine Housing Over Preferential
The Mumbai NCLT bench directed recipients of payments from Sunshine Housing & Infrastructure to return ₹58.58 crore after finding the transactions gave them unfair preference over secured creditors. The tribunal said the payments occurred during the IBC look-back period. Recipients must repay the amount within 30 days, failing which interest at 12% annually will apply. NCLT Orders Return Of ₹58.58 Crore To Sunshine Housing Over Preferential Payments To Creditors.
Why it matters. This ruling upholds the principle of fair asset distribution under insolvency law by reversing transactions that unfairly favored certain creditors over secured ones.
- Mumbai NCLT ordered recipients to return ₹58.58 crore.
- The payments were deemed unfair preferences over secured creditors.
- The transactions occurred within the legally defined IBC look-back period.
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