NCLT approves Rs 143 crore resolution plan for Sunblink Real Estate

The National Company Law Tribunal's Mumbai bench on 3 November 2026 approved a resolution plan for Sunblink Real Estate Private Limited, a company in insolvency, submitted by Ashdan Properties Private Limited. The plan offers Rs 143 crore to the company's only secured lender, Piramal Capital & Housing Finance, against an admitted claim of Rs 4,018.60 crore, or about 3.56%.

What Happened

The tribunal had admitted Sunblink Real Estate into the corporate insolvency resolution process (CIRP), the legal process for rescuing or selling a company that has defaulted, on 22 January 2025. It acted on a petition by Piramal Capital & Housing Finance over a default of Rs 845.81 crore as on 30 November 2023, per the order. The lender was the sole member of the committee of creditors, which approved the plan with 100% of the vote on 4 September 2026.

Under the plan, the lender gets Rs 25 crore in cash and Rs 118 crore in non-convertible debentures. The cash comes in three parts: Rs 5 crore within seven days of the tribunal's approval, Rs 10 crore within 30 days and Rs 10 crore within 90 days. The order records that the average fair value and liquidation value of the identified assets were put at Rs 8.635 crore and Rs 5.18 crore, and that the plan amount is substantially higher than both. Of 23 prospective bidders, only two submitted plans with earnest money in time.

The tribunal held that the plan meets the requirements of Section 30(2) of the Insolvency and Bankruptcy Code and does not breach Section 29A, which bars certain persons from bidding. A monitoring committee of the lender, the buyer and the resolution professional will oversee implementation.

What It Means

The order binds the company, its creditors, employees, guarantors and government authorities. Claims not covered by the plan stand extinguished, and the moratorium that shielded the company from legal action ended on the date of the order. The tribunal directed that negative credit tags on the company, such as "NPA" or "default", be withdrawn from the approval date. Any waiver the plan seeks from tax or other authorities remains subject to their approval. The plan's table shows no payments to operational creditors, employees or shareholders; the lender's was the only claim the process received. The tribunal's order may be appealed to the National Company Law Appellate Tribunal.

Source: NCLT order