The case involves an application filed by Namrata H. Hemrajani, the Applicant, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions to the Resolution Professional (RP) of Monarch Brookfields LLP, the Corporate Debtor. The Applicant sought the exclusion of Flat No. 606, purchased by her, from the assets of the Corporate Debtor. Capri Global Capital Limited initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on September 27, 2019. The Applicant claimed to have purchased the flat for adequate consideration before the commencement of CIRP and sought a declaratory relief to be declared the lawful owner. The RP rejected the claim, stating that the flat belongs to the Corporate Debtor,
…Namrata H. Hemrajani (Applicant) purchased Flat No. 606 in Monarch Brookfields LLP's project for INR 19,52,000/- via a registered agreement for sale dated 24.07.2012. The entire consideration was paid. Capri Global Capital Limited initiated CIRP against Monarch Brookfields LLP (Corporate Debtor), which was admitted on 27.09.2019. The Applicant lodged a claim with the Resolution Professional (RP) to exclude the flat from the Corporate Debtor's assets. The RP rejected the claim, citing Section 17 of RERA, stating that title transfer requires building completion and an occupancy certificate. The RP also argued that the flat was mortgaged prior to the sale agreement. The Applicant contended that the sale agreement and full payment transferred ownership, relying on a
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Registered Agreement for Sale executed between…
Corporate Insolvency Resolution Process (CIRP)…
The case involves an application filed by Namrata H. Hemrajani, the Applicant, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions to the Resolution Professional (RP) of Monarch Brookfields LLP, the Corporate Debtor. The Applicant sought the exclusion of Flat No. 606, purchased by her, from the assets of the Corporate Debtor. Capri Global Capital Limited initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on September 27, 2019. The Applicant claimed to have purchased the flat for adequate consideration before the commencement of CIRP and sought a declaratory relief to be declared the lawful owner. The RP rejected the claim, stating that the flat belongs to the Corporate Debtor,
…Namrata H. Hemrajani (Applicant) purchased Flat No. 606 in Monarch Brookfields LLP's project for INR 19,52,000/- via a registered agreement for sale dated 24.07.2012. The entire consideration was paid. Capri Global Capital Limited initiated CIRP against Monarch Brookfields LLP (Corporate Debtor), which was admitted on 27.09.2019. The Applicant lodged a claim with the Resolution Professional (RP) to exclude the flat from the Corporate Debtor's assets. The RP rejected the claim, citing Section 17 of RERA, stating that title transfer requires building completion and an occupancy certificate. The RP also argued that the flat was mortgaged prior to the sale agreement. The Applicant contended that the sale agreement and full payment transferred ownership, relying on a
…Registered Agreement for Sale executed between…
Corporate Insolvency Resolution Process (CIRP)…