MUMBAI BENCH, COURT-II

CP (IB) 2517(MB) of 2018

Under section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of

the N.C.L.T. Rules, 2016

IN THE MATTER OF

1. Mr. Jai Kumar Rai

2. Mrs. Supriya Saxena

Both residing at: Building No.02, Dreams Apartment, Flat No.1402, L.B.S. Marg,

Bhandup West, Mumbai-400078.

... Applicant

V/s.

Mr. Arun Kapoor

Resolution Professional of Monarch

Brookefields LLP, Having his address at:

M/s. Areion Resolution and Turnaround Private Limited, A/301, Kanakia Zillion, Junction of LBS Marg and CST Road, BKC Annexe, Near Equinox, Kurla West,

Mumbai-400070.

… Respondent

IN THE MATTER OF

M/s. Capri Global Capital Ltd.

CP (IB) 2517 of 2018

502, Tower-A, Peninsula Business Park, Senapati Bapat Marg Lower Parel Mumbai, Maharashtra.

... Financial Creditor V/s.

M/s. Monarch Brookefields LLP Having its Registered Office at F. No. 701, 07^th floor, Dheeraj Palace, Near Hira Marriage Hall, Ulhasnagar, District: Thane, PIN Code-421 001.

… Corporate Debtor Order delivered on: - 24.04.2024.

Coram:

Mr. Kuldip Kumar Kareer, Member (Judicial)

Mr. Anil Raj Chellan, Member (Technical)

Appearances (Hearing in Physical Mode):

For the Applicant : Adv. Vinit J. Mehta For the Respondent/RP : Counsel Mr. Amir Arsiwala a/w Nupur Shah.

ORDER Per: - Coram.

1. The Applicants in the present Interlocutory Applicant have prayed for directions to the Respondent to condone the delay in filing their claim and to consider and admit the claim of the Applicant. The claim of the CP (IB) 2517 of 2018 Applicant is Rs. 98,83,932/-, out of which the principal claim is of Rs.

40,00,000/- and the interest thereon is Rs. 58,83,932/-.

2. Brief facts necessary for disposal of the present Application are as follows:

a. The Applicants state that they were allotted flat premises being Flat No. 101, Wing: Vermont, admeasuring 55.246 sq. mtrs plus 4.575 sq. mtrs (terrace) situated at Plot No. 03, Sector-20, Kalamboli, Navi Mumbai-410 218 with the Corporate Debtor for a total consideration of Rs. 40,00,000/- (Rupees Forty Lakhs only) through the registered Agreement for Sale dated 24^th July, 2013. The Applicants have availed a mortgage loan from HDFC Ltd for the same vide Loan Agreement dated 17^th August, 2013 at 10.50% p.a. The Applicants state that they have paid the entire sale consideration amount of Rs. 40 lakhs.

b. The Applicants state that they had filed a consumer complaint vide CC/17/843 before the District Consumer Disputes Redressal Forum under the provisions of the Consumer Protection Act, 1986. The Applicants had also lodged a police complaint against the Directors of the Corporate Debtor, with Kalamboli police station.

c. Corporate Insolvency Resolution Process (CIRP) against M/s Monarch Brookefileds LLP (the Corporate Debtor) was initiated vide Order of the Tribunal dated 27.09.2019 and Mr. S Gopalakrishnan was appointed as Interim Resolution Professional (IRP).

d. IRP issued a public announcement in Form ‘A’ on 24.11.2019 CP (IB) 2517 of 2018 inviting claim under Regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the last date for submission of claim was 07.12.2019.

e. The Applicants state that the first time ever they were informed about the CIRP of the Corporate Debtor was on 18.11.2021. Based on the information received from one of the allottees, the present applicants filed their claim with the respondent on 18.11.2021 for an amount of Rs. 98,83,932/- (Rupees Ninety- Eight Lakhs, Eighty-Three Thousand, Nine Hundred and Thirty-Two only) including interest. The said claim came to be rejected by the Respondent on 19.11.2021 by way of an email on the grounds of delay in filing the claim and since the resolution plan had already been approved by the CoC, the claim of the Applicant could not be entertained at such a belated stage.

f. As per the order of Tribunal dated 03.08.2021, the IRP was replaced and Mr. Arun Kapoor was appointed as Resolution Professional (RP) of the Corporate Debtor. The erstwhile IRP issu