# In the matter of Monarch Brookefields LLP

> NCLT judgment dated 2023-12-15. Citation: TCN-2023-NCLT-00211. The applicant filed an application under Section 60(5) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 15 Dec 2023
- **Citation:** TCN-2023-NCLT-00211
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/monarch-brookefields-llp-26b83070

## Summary

### Background

The applicant filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions to the Resolution Professional to exclude certain immovable properties from the assets of the Corporate Debtor, as these properties were purchased by the applicant for adequate consideration prior to the commencement of CIRP.

## Facts

Capri Global Ltd, a financial creditor, initiated a petition for Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under section 7 of the Insolvency and Bankruptcy Code, 2016. The Tribunal allowed this petition on September 27, 2019, and an admission order was issued. Subsequently, the Respondent was appointed as the Resolution Professional for the Corporate Debtor on November 19, 2019. The applicant, Nisha M. Chandwani, sought to exclude certain immovable properties from the Corporate Debtor's assets, arguing they were purchased for adequate consideration before the CIRP began. The Corporate Debtor, Monarch Brookfields LLP, was constructing a building named 'Monarch Brookfields' in Navi Mumbai. The applicant intended to purchase commercial

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## Issues and analysis

### Issue 1: Whether the shops purchased by the applicant, for which full consideration was paid and registered …

**Ratio:** The NCLT held that merely because a conveyance deed was not executed or an occupancy

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**Reasoning:** The NCLT reasoned that once registered sale agreements were executed and the entire sale

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**Interpretation:** The NCLT interpreted the provisions of the Insolvency and Bankruptcy Code,

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**Application:** The NCLT applied this interpretation to the facts, concluding that since the

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…; +2 more
- **Appellants:** Nisha M. Ch…
- **Respondents:** Monarch Brookfield…; S. Gopalkr…; +1 more
- **Advocates:** For the Applicant:…; For the Respondent…

## Timeline

- **September 27, 2019 — CIRP Admissio…**: The Hon'ble Tribunal allowed the petition for Corporate Insolvency Resolution Process…
- **November 19, 2019 — RP Appoin…**: The Respondent, S. Gopalkrishnan, was appointed as the Resolution Professional of the…

## 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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