# Approval of Resolution Plan - Monarch Brookfields LLP

> NCLT judgment dated 2024-08-27. Citation: TCN-2024-NCLT-00751. The case involves an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 27 Aug 2024
- **Citation:** TCN-2024-NCLT-00751
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-monarch-brookfields-llp-af8b9016

## Summary

### Background

The case involves an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016. The application seeks approval of a resolution plan submitted by Planet Builders and Developers, the Successful Resolution Applicant (SRA), for Monarch Brookefields LLP, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against Monarch Brookefields LLP by Capri Global Capital Limited, the Financial Creditor, under Section 7 of the Code. The Resolution Plan was approved by 100% of the Committee of Creditors (CoC) on

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## Facts

The Corporate Debtor, Monarch Brookefields LLP, is a Special Purpose Vehicle formed by Monarch Universal Lifespaces Pvt Ltd and Mr. Gopal A. Thakur. It was established on 11.05.2010 to undertake activities as Builders & Developers. The Corporate Insolvency Resolution Process (CIRP) was initiated against Monarch Brookefields LLP by Capri Global Capital Limited, the Financial Creditor, under Section 7 of the Code. The CIRP commencement date was 27.09.2019. Mr. Devendrea Rameshchand Dhanesha was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by Mr. S Gopalakrishnan. The IRP received 295 claims amounting to Rs. 377,17,40,018.39. Capri Global's claim was admitted as a Secured Financial Creditor to the extent of Rs.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Planet Builders and Developers meets the requirements of …

**Ratio:** Section 30(2) of the Code specifies the requirements that a resolution plan must meet for

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and related documents and was

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be considered

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by Planet

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Arun Ka…
- **Respondents:** Monarch Brookfield…; Capri Global…

## Timeline

- **2010-05-11 — Corporate Debtor…**: Monarch Brookefields LLP formed…
- **2019-09-27 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…

## 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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