# In the matter of Sunshine Infrawell Pvt. Ltd. (IB)-64(ND)2019

> NCLT judgment dated 2019-05-27. Citation: TCN-2019-NCLT-03187. The case involves M/s. Vipul Kulshrestha & Mrs. Sarika Kulshrestha V/s. M/s. Sunshine Infrawell…

- **Court:** NCLT
- **Order date:** 27 May 2019
- **Citation:** TCN-2019-NCLT-03187
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sunshine-infrawell-pvt-ltd-ib-64nd2019-9ed788a7

## Summary

### Background

The case involves M/s. Vipul Kulshrestha & Mrs. Sarika Kulshrestha V/s. M/s. Sunshine Infrawell Pvt. Ltd. The Corporate Debtor tendered a Demand Draft of Rs. 1 crore (principal amount) and a cheque for Rs. 45 lakhs (compensation) as per the agreement. The petitioner found the offer unacceptable. The Corporate Debtor was ready to return the principal amount but could not tender possession of the flat or compensation for the delay.

## Facts

M/s. Vipul Kulshrestha & Mrs. Sarika Kulshrestha filed a case against M/s. Sunshine Infrawell Pvt. Ltd. The Corporate Debtor, M/s. Sunshine Infrawell Pvt. Ltd., tendered a Demand Draft of Rs. 1 crore representing the principal amount and a cheque for Rs. 45 lakhs as compensation, as per their agreement. The petitioner, M/s. Vipul Kulshrestha & Mrs. Sarika Kulshrestha, found this offer unacceptable. The Corporate Debtor expressed readiness to return the principal amount but stated their inability to tender possession of the flat or provide compensation for the delay. The court noted the conduct of the Corporate Debtor and directed that the instruments be kept in a sealed cover with the Ld. Registrar, NCLT, allowing the petitioner to seek its release from the

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## Issues and analysis

### Issue 1: Whether the initiation of the CIR process is appropriate for a company that is functional and …

**Ratio:** The Corporate Insolvency Resolution Process (CIRP) is intended for companies facing

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**Reasoning:** The bench reasoned that initiating the CIR process for a company that is functional and

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**Interpretation:** The interpretation of the IBC suggests that CIRP should be reserved for

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**Application:** In this case, since the bench found the company to be functional and solvent,

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Appellants:** M/s. Vipul…
- **Respondents:** M/s. Sunshine…

## Timeline

- **2019-05-27 — Hearing…**: Hearing before the New Delhi Bench of…

## 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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