The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, has affirmed the dismissal of appeals filed by the appellants against the rejection of their claims in the corporate insolvency resolution process (CIRP) of Monarch Brookfields LLP. The appellants had challenged orders of the National Company Law Tribunal (NCLT), Mumbai, which refused to admit their claims on grounds of delay, lack of proof of payment, and illegality of the flats allotted to them.
The appellants contended that they had entered into agreements for sale in January 2014 for flats on the 11th floor of the Arizona wing of the project developed by Monarch Brookfields LLP. When possession was not delivered, they approached the…