# In the matter of Monarch Brookefields LLP

> NCLT judgment dated 2023-12-15. Citation: TCN-2023-NCLT-00219. The case involves an application filed by Namrata H. Hemrajani, the Applicant, under Section…

- **Court:** NCLT
- **Order date:** 15 Dec 2023
- **Citation:** TCN-2023-NCLT-00219
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/monarch-brookefields-llp-715d3bc4

## Summary

### Background

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,

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## Facts

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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## Issues and analysis

### Issue 1: Whether Flat No. 606 should be excluded from the assets of the Corporate Debtor, Monarch …

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

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**Reasoning:** The court reasoned that the RP did not dispute the validity of the sale agreement or the

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

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**Application:** In this case, the registered sale agreement and the full payment of

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## Parties

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

## Timeline

- **2012-07-24 — Agreement f…**: Registered Agreement for Sale executed between the Applicant and the Corporate Debtor for…
- **2019-09-27 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor,…

## 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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