# Mr. Rajendra M. Ganatra vs. Mr. Atul Shamji Bharani & Others

> NCLT judgment dated 2026-09-03. Citation: TCN-2026-NCLT-00991. The Corporate Insolvency Resolution Process (CIRP) was initiated against Sunshine Housing and…

- **Court:** NCLT
- **Order date:** 3 Sept 2026
- **Citation:** TCN-2026-NCLT-00991
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/mr-rajendra-m-ganatra-vs-sunshine-housing-and-infrastructure-private-limited-tl5iz

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Sunshine Housing and Infrastructure Private Limited (Corporate Debtor) by ICICI Prudential Real Estate AIF I. Mr. Rajendra M. Ganatra, the erstwhile Resolution Professional (RP), filed IA 893/2020 to declare various transactions as preferential under Section 43 of the IBC and fraudulent under Section 66 of the IBC. After a failed resolution plan, a rerun of the CIRP was ordered, and Mr. Gaurav Adukia was appointed as the new RP, who then filed IA 4677/2025 to impugn additional transactions. Mr. Atul Shamji Bharani, a suspended director, filed IA 389/2026 challenging the maintainability of IA 4677/2025.

## Facts

IA 893 of 2020 was filed on 13.04.2020 by Mr. Rajendra M. Ganatra, the then Resolution Professional ("Erstwhile RP") of Sunshine Housing and Infrastructure Private Limited ("Corporate Debtor").

The application sought declaration of transactions as Preferential under Section 43 of IBC and consequential directions for Respondent No.1 to 29 to contribute received amounts to the Corporate Debtor's assets.

The Corporate Debtor was admitted to Corporate Insolvency Resolution Process ("CIRP") on 08.05.2019, based on a petition (CP (IB) No. 4733 (MB)/2018) filed by ICICI Prudential Real Estate AIF I ("Financial Creditor").

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## Issues and analysis

### Issue 1: Whether the conversion of unsecured debentures into preference shares and their redemption by the …

**Ratio:** The redemption of preference shares on the same day of their conversion from Compulsorily

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**Reasoning:** Section 43 of the IBC deems a payment preferential if made to a person in preference over

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**Interpretation:** Section 43 aims to prevent a corporate debtor from giving undue advantage to

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**Application:** The conversion of CCDs into preference shares and their immediate redemption,

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Rajendra M.…; ICICI PRUDENTIAL…
- **Respondents:** Sunshine Housing…; Atul Shamji…; +32 more
- **Other parties:** Committee of…; Axis Finance…; +1 more
- **Advocates:** Mily Gh…; Kush…; +3 more

## Timeline

- **2018-10 — Default by Corporate…**: Corporate Debtor defaulted in payment of interest due on secured debentures subscribed by…
- **2018-11-14 — Board Reso…**: Board resolution passed regarding option holders claiming advances with interest at 12%…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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