# In the matter of Sunshine Housing & Infrastructure Private Limited CP 4733 (IB)-MB-2018

> NCLT judgment dated 2019-05-08. Citation: TCN-2019-NCLT-03415. The case pertains to a petition filed by ICICI Prudential Real Estate AIF I, the Financial…

- **Court:** NCLT
- **Order date:** 8 May 2019
- **Citation:** TCN-2019-NCLT-03415
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sunshine-housing-infrastructure-private-limited-cp-4733-ib-mb-2018-1851d53f

## Summary

### Background

The case pertains to a petition filed by ICICI Prudential Real Estate AIF I, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code), against Sunshine Housing & Infrastructure Private Limited, the Corporate Debtor. The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a principal amount of ₹40,00,00,000/- and interest of ₹16,99,00,000/-. The petition was filed on 21.12.2018. The Petitioner invested ₹40,00,00,000/- by subscribing to 4,000 unlisted, unrated, secured, redeemable non-convertible debentures. The Corporate Debtor admitted to the debt and its inability to service it due to financial difficulty.

## Facts

ICICI Prudential Real Estate AIF I (the Petitioner) invested ₹40,00,00,000/- in Sunshine Housing & Infrastructure Private Limited (the Corporate Debtor) by subscribing to 4,000 unlisted, unrated, secured, redeemable non-convertible debentures with a face value of ₹1,00,000/- each and a term of 42 months. The terms were outlined in a Debenture Subscription Agreement (DSA) dated 6.09.2016 and a Debenture Trust Deed dated 26.10.2016. The Petitioner's ownership of the debentures was reflected in an NSDL transaction statement dated 5.12.2018 and the Corporate Debtor's Annual Return for F.Y. 2017-18. The investment was secured by Deeds of Guarantee dated 7.9.2016. The Petitioner sent a notice dated 15.10.2018 to the Corporate Debtor regarding an 'Event of Default' due to

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## Issues and analysis

### Issue 1: Whether the application under Section 7 …

**Ratio:** Section 7 of the I&B Code, 2016, outlines the procedure for initiating the Corporate

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**Reasoning:** The court observed that the application filed under sub-section (2) of Section 7 of the

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**Interpretation:** Section 7 requires the financial creditor to provide evidence of the debt and

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**Application:** The court found that the application was complete, satisfying the requirements

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** ICICI PRUDENTIAL…
- **Respondents:** Sunshine Housing…

## Timeline

- **2016-09-06 — Debenture Subscription…**: Debenture Subscription Agreement…
- **2016-10-26 — Debenture Tru…**: Debenture Trust Deed dated…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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