# In the matter of Monarch Brookfields LLP

> NCLT judgment dated 2024-11-21. Citation: TCN-2024-NCLT-00187. Mr. Rajkumar Jhawar and Mrs. Shobha Jhawar, homebuyers of "MONARCH BROOKFIELDS", filed an…

- **Court:** NCLT
- **Order date:** 21 Nov 2024
- **Citation:** TCN-2024-NCLT-00187
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/monarch-brookfields-llp-5b2f5973

## Summary

### Background

Mr. Rajkumar Jhawar and Mrs. Shobha Jhawar, homebuyers of "MONARCH BROOKFIELDS", filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the exclusion of Flat No. 1002 from the corporate insolvency resolution process of Monarch Brookfields LLP. The applicants claimed that they had purchased the flat from the Corporate Debtor vide a registered Agreement for Sale dated 23.04.2012 and had paid the entire sale consideration. The Corporate Debtor failed to hand over possession of the flat. Subsequently, CIRP was initiated against the Corporate Debtor, and a resolution plan was approved. The applicants submitted their claim after the approval of the resolution plan.

## Facts

Mr. Rajkumar Jhawar and Mrs. Shobha Jhawar, homebuyers, sought to exclude Flat No. 1002 from the CIRP of Monarch Brookfields LLP. They entered into a registered Agreement for Sale on 23.04.2012 for Rs. 42,00,000. They claimed to have paid the entire consideration. The Corporate Debtor was constructing a residential cum commercial building named "MONARCH BROOKEFIELDS". The Corporate Debtor failed to hand over possession within the stipulated time. CIRP was initiated against the Corporate Debtor on 27.09.2019, based on a petition by Capri Global Capital Ltd. The applicants submitted their claim on 11.06.2024, after the resolution plan was approved by the CoC and reserved for orders. The Resolution Professional (Respondent No. 1) contested the claim, citing

…

## Issues and analysis

### Issue 1: Whether the applicants are entitled to exclude Flat No. 1002 from the corporate insolvency …

**Ratio:** Once a resolution plan is approved by the Adjudicating Authority under Section 31 of the

…

**Reasoning:** The Tribunal relied on the Supreme Court's decision in Ghanashyam Mishra and Sons Private

…

**Interpretation:** The Supreme Court's ruling in Ghanashyam Mishra case clarifies that the

…

**Application:** The applicants submitted their claim after the approval of the resolution plan.

…

## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Rajkumar…
- **Respondents:** Monarch Brookfield…; Arun Ka…

## Timeline

- **2012-04-23 — Agreement f…**: The Corporate Debtor entered into a Registered Agreement for Sale with the Applicants for…
- **2019-09-27 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/monarch-brookfields-llp-5b2f5973