# In the matter of SUNPOINT TRADING LIMITED

> NCLT judgment dated 2025-08-29. Citation: TCN-2025-NCLT-01313. The Resolution Professional (RP) filed an application (IA/04(AHM)2025) under Sections 30 and 31…

- **Court:** NCLT
- **Order date:** 29 Aug 2025
- **Citation:** TCN-2025-NCLT-01313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/sunpoint-trading-limited-153da79b

## Summary

### Background

The Resolution Professional (RP) filed an application (IA/04(AHM)2025) under Sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of the resolution plan for Sunpoint Trading Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 29.08.2024.

## Facts

CIRP was initiated against Sunpoint Trading Limited on 29.08.2024.

The RP filed an application (IA/04(AHM)2025) seeking approval of the resolution plan.

The CoC approved the resolution plan with a 100% majority.

The Tribunal found deficiencies in the resolution plan, including non-compliance with regulations and lack of feasibility.

The Corporate Debtor had no business operations, employees, or significant assets.

The Corporate Debtor sold most of its assets before the start of the CIRP.

The CoC consisted of only one member, who was also the unsecured financial creditor.

The Resolution Plan proposed to pay the CIRP cost and the sole CoC member, with minimal or no payment to other creditors.

The Tribunal found that the resolution plan did not meet the goals of the IBC law.

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## Issues and analysis

### Issue 1: Whether the resolution plan complies with Section 31 …

**Ratio:** The resolution plan must have provisions for its effective implementation as required by

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**Reasoning:** The Tribunal found that the resolution plan lacked provisions for effective

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**Interpretation:** Section 31(1) requires the Adjudicating Authority to be satisfied that the

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**Application:** The Tribunal rejected the resolution plan because it did not provide for

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** CA Gomti Ramchandr…
- **Respondents:** Sunpoint Trading…
- **Other parties:** Kaushik Hasmukhlal…; Nimesh Sahdev…; +5 more
- **Advocates:** Atul Sh…; Sanjay Kuma…

## Timeline

- **2024-08-29 — Initiation…**: CIRP initiated against…
- **2025-02-07 — Application for…**: IA/04(AHM)2025 filed by the RP seeking…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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