# Sujay Shankar Mukherjee vs. Ashish Chawchharia, Resolution Professional of Riverbank Developers Private Limited

> NCLT judgment dated 2026-09-10. Citation: TCN-2026-NCLT-01003. Canara Bank initiated Corporate Insolvency Resolution Process (CIRP) against Riverbank…

- **Court:** NCLT
- **Order date:** 10 Sept 2026
- **Citation:** TCN-2026-NCLT-01003
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/sujay-shankar-mukherjee-vs-riverbank-developers-private-limited-m1as2

## Summary

### Background

Canara Bank initiated Corporate Insolvency Resolution Process (CIRP) against Riverbank Developers Private Limited. Mr. Sujay Shankar Mukherjee, an allottee of a flat and car parking space in the Corporate Debtor's project, filed an application seeking reinstatement of his allotment or an alternative unit. He had previously expressed an intention to cancel his allotment and sought a refund of Rs. 18 Lakhs, which the Corporate Debtor agreed to but never processed. Despite paying a significant amount, the Applicant was denied possession due to deficiencies and later informed his allotment was cancelled based on the unfulfilled refund request.

## Facts

In March 2014, Sujay Shankar Mukherjee (Applicant) expressed his desire to purchase a flat and a covered car parking space in the "Hiland Greens" real estate project developed by Riverbank Developers Private Limited (Corporate Debtor).

By an Allotment Letter dated March 1, 2014, Flat No. 2A6 in Tower-17, and by another Allotment Letter dated May 15, 2014, a covered car parking space, were allotted to the Applicant.

The Applicant made an aggregate payment of Rs. 20,07,303/- towards the purchase of the said units.

On December 10, 2020, the Corporate Debtor called upon the Applicant to execute and register the Agreement for Sale.

…

## Issues and analysis

### Issue 1: Whether the cancellation of allotment prior to the …

**Ratio:** An expression of intent to cancel an allotment, especially when conditional on a refund,

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**Reasoning:** The Applicant's communication explicitly linked cancellation to a refund, which was

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**Interpretation:** For a cancellation to be legally binding and conclusive, all agreed-upon

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**Application:** Since the Corporate Debtor failed to refund the Rs. 18 Lakh, the Applicant's

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## Parties

- **Judges:** BIDISHA BA…; Rekha Kantilal…
- **Appellants:** Sujay Shankar…
- **Respondents:** Riverbank…; Ashish Chawchharia…
- **Other parties:** Committee of…; Canara Bank…; +1 more
- **Advocates:** Sourojit Da…; VishwarupAc…; +4 more

## Timeline

- **2014-03 — Expression of…**: Applicant expressed desire to purchase a flat and car parking space in 'Hiland Greens'…
- **2014-03-01 — Flat Allo…**: Flat No. 2A6 in Tower-17 was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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