# In the matter of Monarch Brookefields LLP

> NCLT judgment dated 2023-12-15. Citation: TCN-2023-NCLT-00207. The case involves an application (I.A. No. 218/2021) filed in an ongoing Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 15 Dec 2023
- **Citation:** TCN-2023-NCLT-00207
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/monarch-brookefields-llp-150d6798

## Summary

### Background

The case involves an application (I.A. No. 218/2021) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) against Monarch Brookfields LLP. The applicant, Mahesh V. Chandwani, sought the exclusion of Shop Nos. 01 to 11 of the building known as Monarch Brookfields from the assets of the Corporate Debtor. The applicant claimed to have purchased these shops from the Corporate Debtor prior to the commencement of CIRP, having paid the full consideration as per registered Agreements for Sale. Capri Global Capital Limited initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on September 27, 2019. The Respondent, S. Gopalkrishnan, is the Resolution Professional (RP) appointed for the Corporate Debtor.

## Facts

Mahesh V. Chandwani (Applicant) entered into registered Agreements for Sale with Monarch Brookfields LLP (Corporate Debtor) on September 5, 2014, to purchase Shop Nos. 01 to 11 in the building known as Monarch Brookfields. The applicant paid a consideration of Rs. 33,00,000/- for each shop, totaling Rs. 3,63,00,000/-. Capri Global Capital Limited initiated Corporate Insolvency Resolution Process (CIRP) against Monarch Brookfields LLP, which was admitted on September 27, 2019. S. Gopalkrishnan was appointed as the Resolution Professional (RP). The applicant claimed that the shops were purchased before the commencement of CIRP and should be excluded from the Corporate Debtor's assets. The RP contended that the absence of a conveyance deed and occupancy certificate meant

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## Issues and analysis

### Issue 1: Whether Shop Nos. 01 to 11 of the building known as Monarch Brookfields should be excluded from the …

**Ratio:** The principle is that once a registered sale agreement is executed, and the entire sale

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**Reasoning:** The court reasoned that the Corporate Debtor received the full consideration for the

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**Interpretation:** This interpretation emphasizes the importance of registered sale agreements and

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**Application:** The court applied this principle to the facts of the case, noting that the

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Mahesh V.…
- **Respondents:** Monarch Brookfield…; S. Gopalkr…

## Timeline

- **2014-09-05 — Agreements f…**: Applicant entered into registered Agreements for Sale with the Corporate Debtor for Shop…
- **2019-09-27 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Monarch Brookfields LLP…

## 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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