# In the matter of Monarch Brookefields LLP

> NCLT judgment dated 2023-12-15. Citation: TCN-2023-NCLT-00223. The case involves an application filed by Ganesh Konar and Vasanth Konar seeking directions to…

- **Court:** NCLT
- **Order date:** 15 Dec 2023
- **Citation:** TCN-2023-NCLT-00223
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/monarch-brookefields-llp-978aa0cb

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the flat purchased by the Applicants should be excluded from the assets of the Corporate …

**Ratio:** The principle is that once the entire sale consideration is received and a registered

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**Reasoning:** The court reasoned that the Applicants had fulfilled their part of the agreement by

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**Interpretation:** The court interpreted that the registered sale agreement, coupled with the full

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

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## Parties

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

## Timeline

- **2011-11-18 — Agreement o…**: Applicants and Corporate Debtor executed and registered an Agreement of Sale for Flat No.…
- **2019-09-27 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…

## 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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