# In the matter of Monarch Brookfields LLP

> NCLT judgment dated 2024-04-12. Citation: TCN-2024-NCLT-01735. The case involves an application filed by Mr. Rashmi Atlani, a flat buyer, against Monarch…

- **Court:** NCLT
- **Order date:** 12 Apr 2024
- **Citation:** TCN-2024-NCLT-01735
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/monarch-brookfields-llp-38ea217a

## Summary

### Background

The case involves an application filed by Mr. Rashmi Atlani, a flat buyer, against Monarch Brookefields LLP, the Corporate Debtor, regarding the resolution plan under the Insolvency and Bankruptcy Code, 2016. Atlani sought the tribunal's intervention to not approve the resolution plan until flat buyer's issues are resolved, to include her name in the list of flat buyers, and to allot her Flat No. 1103 Georgia or an alternate flat with covered car parking. Atlani had purchased Flat No. 1103 in Monarch Brookefields and Wing-Georgia for INR 43,00,000/- via a Registered Agreement for Sale dated October 21, 2016. CIRP was initiated against the Corporate Debtor on September 27, 2019. Atlani's claim was admitted, but as per the approved resolution plan, she is only entitled

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## Facts

Mr. Rashmi Atlani purchased Flat No. 1103 in Monarch Brookefields and Wing-Georgia, built by Monarch Brookefields LLP (Corporate Debtor), for INR 43,00,000/- via a Registered Agreement for Sale dated October 21, 2016. On September 27, 2019, CIRP was initiated against the Corporate Debtor. Atlani filed a claim, which was admitted, and her name was reflected in the List of Buyers. However, the approved resolution plan only entitled her to 25% of the claim amount, not a flat. The Corporate Debtor did not have permission to construct the 11th floor, and the municipal authority withdrew permission for floors beyond the 9th. Atlani is classified under Category 'C' of allottees, who are entitled to 25% of their admitted principal claim. The financial creditors belonging to

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## Issues and analysis

### Issue 1: Whether the Applicant is entitled to stay …

**Ratio:** An individual creditor belonging to a class of creditors does not have any locus standi

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**Reasoning:** The Tribunal relied on the Supreme Court's judgment in Jaypee Kensington Boulevard

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**Interpretation:** The Supreme Court's judgment clarifies that once a class of creditors, such as

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**Application:** Since the class of homebuyers to which the Applicant belongs had already voted

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## Parties

- **Judges:** SHRI. ANIL RAJ…; Shri. Kuldip…
- **Appellants:** Rashmi A…
- **Respondents:** Monarch Brookfield…; Arun Kapoor,…

## Timeline

- **2016-10-21 — Agreement f…**: Mr. Rashmi Atlani entered into a Registered Agreement for Sale for Flat No. 1103 with…
- **2019-09-27 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Monarch Brookefields…

## 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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