Buyers seek participation in Monarch Developers' bankruptcy

A group of home buyers of Navi Mumbai-based Monarch Developers have filed an intervention application against the builder at the National Company Law Tribunal, which is hearing an insolvency petition against the builder. As many as 1,500 under-construction flats have been sold by the developers spread across Navi Mumbai. These people, who see little hope of getting possession of their flats, have filed an application at the court seeking participation in the case. Home buyers have prayed that the court direct the interim resolution professional (IRP) to ensure that the interest of the home buyers are not compromised, if the court admits the case.