+
NCLT Rejects Buyers' Challenge to Monarch Brookefields LLP's Resolution Plan
Real Estate

NCLT Rejects Buyers' Challenge to Monarch Brookefields LLP's Resolution Plan

The National Company Law Tribunal (NCLT) has dismissed the challenge brought by buyers against the resolution plan proposed by Monarch Brookefields LLP. The buyers had raised objections regarding certain aspects of the plan, but the NCLT ruled in favour of the resolution plan, allowing it to proceed.

Monarch Brookefields LLP had submitted a resolution plan for the debt-ridden project, which was undergoing insolvency proceedings. However, buyers of the project units had raised concerns over the terms and conditions outlined in the plan, arguing that it did not adequately address their interests and rights.

Despite the objections raised by the buyers, the NCLT found the resolution plan to be legally sound and in compliance with the relevant regulations. The tribunal emphasized the need to balance the interests of all stakeholders involved in the insolvency process and deemed the resolution plan to be in the best interest of the creditors and the company.

The dismissal of the buyers' challenge clears the path for Monarch Brookefields LLP to proceed with the implementation of its resolution plan. This decision is likely to have significant implications for both the company and the buyers involved in the project, as it provides clarity and certainty regarding the future direction of the insolvency proceedings.

Overall, the NCLT's ruling reaffirms the importance of adhering to established legal procedures and regulations in insolvency cases, while also highlighting the need for stakeholders to actively participate in the resolution process to protect their interests.

The National Company Law Tribunal (NCLT) has dismissed the challenge brought by buyers against the resolution plan proposed by Monarch Brookefields LLP. The buyers had raised objections regarding certain aspects of the plan, but the NCLT ruled in favour of the resolution plan, allowing it to proceed. Monarch Brookefields LLP had submitted a resolution plan for the debt-ridden project, which was undergoing insolvency proceedings. However, buyers of the project units had raised concerns over the terms and conditions outlined in the plan, arguing that it did not adequately address their interests and rights. Despite the objections raised by the buyers, the NCLT found the resolution plan to be legally sound and in compliance with the relevant regulations. The tribunal emphasized the need to balance the interests of all stakeholders involved in the insolvency process and deemed the resolution plan to be in the best interest of the creditors and the company. The dismissal of the buyers' challenge clears the path for Monarch Brookefields LLP to proceed with the implementation of its resolution plan. This decision is likely to have significant implications for both the company and the buyers involved in the project, as it provides clarity and certainty regarding the future direction of the insolvency proceedings. Overall, the NCLT's ruling reaffirms the importance of adhering to established legal procedures and regulations in insolvency cases, while also highlighting the need for stakeholders to actively participate in the resolution process to protect their interests.

Next Story
Real Estate

MoHUA Sanctions 1.47 Lakh Additional Houses Under PMAY-U 2.0

In a major push towards the Government’s Housing for All mission, the Ministry of Housing and Urban Affairs (MoHUA) has approved 1,46,582 additional pucca houses under Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) for 14 States/UTs, bringing total sanctions under the revamped scheme to 8.56 lakh.The decision came during the fourth meeting of the Central Sanctioning and Monitoring Committee (CSMC), chaired by Srinivas Katikithala, Secretary, MoHUA, at the Ministry’s Kasturba Gandhi Marg office. Senior officials, State Principal Secretaries, and PMAY-U Mission Directors participated ..

Next Story
Real Estate

Piyush Goyal Inaugurates Expanded ISA Building at Intellectual Property Office

Union Minister of Commerce and Industry, Piyush Goyal, today inaugurated the newly expanded International Searching Authority (ISA) building at the Intellectual Property Office (IPO) in Dwarka, New Delhi, marking a major step forward in India’s intellectual property ecosystem.Addressing the gathering, Goyal highlighted that innovation has been central to India’s heritage for centuries, citing the engineering brilliance of the Konark Temple as a historic example. He emphasised that innovation is not just intellectual property but a symbol of sovereignty, and a key driver in India’s journe..

Next Story
Real Estate

SIEGER Boosts Automation in Mumbai Realty

SIEGER, a leading automation solutions provider, is expanding its advanced manufacturing capabilities to meet the surging demand for precision, high-speed automation in Mumbai’s rapidly growing real estate sector.Operating from a 21,000 m² advanced production hub in Coimbatore—part of a 40,000 m² integrated campus—SIEGER offers complete solutions from design and prototyping to manufacturing and deployment. The fully digitalised facility features CNC machining, QR-coded component tracking, conveyorized powder coating, and a Government of India–certified R&D centre, ensuring unmatc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?