The case involves an application filed by Ganesh Konar and Vasanth Konar seeking directions to exclude a home premises (Flat No. 401 in Monarch Brookefields LLP) from the assets of Monarch Brookefields LLP, the Corporate Debtor, during its Corporate Insolvency Resolution Process (CIRP). The applicants claim they purchased the flat from the Corporate Debtor for adequate consideration before the CIRP commenced and seek a declaration that they are the lawful owners. Capri Global Capital Limited initiated the CIRP against Monarch Brookfields LLP under Section 7 of the Insolvency and Bankruptcy Code, which was admitted on September 27, 2019. The Resolution Professional (RP) rejected the applicant's claim of ownership, leading to the present application.
Ganesh Konar and Vasanth Konar (the Applicants) purchased Flat No. 401 in Monarch Brookefields LLP, Wing-Florida, Kalamboli, Navi Mumbai (the 'flat in question') from Monarch Brookefields LLP (the Corporate Debtor) for INR 40,76,500/- on 18.11.2011. A registered agreement for sale was executed on the same day. The Applicants paid the entire sale consideration. Capri Global Capital Limited initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on September 27, 2019. The Resolution Professional (RP) was appointed on November 19, 2019. The Applicants lodged a claim with the RP, asserting their ownership of the flat. The RP accepted the claim but rejected the ownership claim, citing Section 17 of the Real Estate
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Applicants and Corporate Debtor executed and…
Corporate Insolvency…
The case involves an application filed by Ganesh Konar and Vasanth Konar seeking directions to exclude a home premises (Flat No. 401 in Monarch Brookefields LLP) from the assets of Monarch Brookefields LLP, the Corporate Debtor, during its Corporate Insolvency Resolution Process (CIRP). The applicants claim they purchased the flat from the Corporate Debtor for adequate consideration before the CIRP commenced and seek a declaration that they are the lawful owners. Capri Global Capital Limited initiated the CIRP against Monarch Brookfields LLP under Section 7 of the Insolvency and Bankruptcy Code, which was admitted on September 27, 2019. The Resolution Professional (RP) rejected the applicant's claim of ownership, leading to the present application.
Ganesh Konar and Vasanth Konar (the Applicants) purchased Flat No. 401 in Monarch Brookefields LLP, Wing-Florida, Kalamboli, Navi Mumbai (the 'flat in question') from Monarch Brookefields LLP (the Corporate Debtor) for INR 40,76,500/- on 18.11.2011. A registered agreement for sale was executed on the same day. The Applicants paid the entire sale consideration. Capri Global Capital Limited initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on September 27, 2019. The Resolution Professional (RP) was appointed on November 19, 2019. The Applicants lodged a claim with the RP, asserting their ownership of the flat. The RP accepted the claim but rejected the ownership claim, citing Section 17 of the Real Estate
…Applicants and Corporate Debtor executed and…
Corporate Insolvency…