# In the matter of Madhav Saran Agarwal & Ors. vs. Monika Ghei

> NCLAT judgment dated 2026-03-30. Citation: TCN-2026-NCLAT-00054. The Appellants, Madhav Saran Agarwal and Alka Agarwal, who are Successful Resolution…

- **Court:** NCLAT
- **Order date:** 30 Mar 2026
- **Citation:** TCN-2026-NCLAT-00054
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/madhav-saran-agarwal-ors-vs-monika-ghei-1eeb1c09

## Summary

### Background

The Appellants, Madhav Saran Agarwal and Alka Agarwal, who are Successful Resolution Applicants of MSX Mall Private Limited, filed an appeal against the Impugned Order dated 18.08.2025 passed by the National Company Law Tribunal, New Delhi Bench, Court – II. The Respondent, Monika Ghei, is a Commercial Space Buyer.

## Facts

The Appellants are Successful Resolution Applicants of MSX Mall Private Limited.

The Respondent is a Commercial Space Buyer.

The original allotment letter was issued on 04.09.2014 in favor of Mr. Sanjay Mehta and later transferred to the Respondent on 12.09.2016.

A settlement agreement was executed on 30.04.2018, cancelling the original allotment and issuing a fresh allotment for an enhanced area.

The Respondent allegedly failed to make payment for the enhanced area.

The Committee of Creditors approved the resolution plan with 89.85% voting share.

The Adjudicating Authority approved the resolution plan on 03.04.2024.

The impugned order dated 18.08.2025 directed the execution of a conveyance deed in favor of the Respondent and credit of rent to the Respondent's account.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's order was a …

**Ratio:** Non-speaking orders lacking detailed reasoning, analysis, and findings of facts and law

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**Reasoning:** The Appellate Tribunal found that the Adjudicating Authority's order lacked detailed

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**Interpretation:** The principle of natural justice requires that decisions be reasoned and

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**Application:** The Appellate Tribunal applied the principle that non-speaking orders are

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## Parties

- **Judges:** Naresh Sa…; Mohammad Faiz…; +2 more
- **Appellants:** Madhav Saran…; Alka Ag…
- **Respondents:** Msx Mall Private…; Monika…
- **Advocates:** Brijesh Kumar…; Prateek Ku…; +4 more

## Timeline

- **2014-09-04 — Original Allotment…**: Original allotment letter issued by the…
- **2016-09-12 — Transfer o…**: Unit transferred to the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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