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2022 (7) TMI 312 - Tri - Insolvency and BankruptcyValidity of Lease deed - seeking reversal of transaction - execution of lease deed is in the nature of transaction as described in Section 45 of the I & B Code, 2016 or not - seeking cancellation of lease deed - seeking direction to make differential lease consideration payment after determination of market value of annual lease consideration of the premises - preferential related party payments - seeking to furnish a list of inventories of the infringing goods and the sale register of the infringing goods sold by Respondent Nos. 3 to 5 - Section 66 of the I & B Code, 2016 - HELD THAT:- This Adjudicating Authority is of the view that from the documents made available in the application and subsequent pleadings, the applicant/ resolution professional has successfully shown that the lease deed dated 30th November 2016 is grossly undervalued to the detriment of the creditors of the corporate debtor. Furthermore, by virtue of the said lease deed dated 30th November 2016, the Applicant/ Resolution Professional has also been successful to show that the entire business of the corporate debtor has been transferred to a related party to corporate debtor, being Respondent No. 3. Without even considering the aforesaid facts, the applicant/ resolution professional has been successful in showing that the lease deed dated 30th November 2016 itself is grossly fraudulent, illegal and void ab initio in as much as the same has been executed after the issuance of the notice under Section 13 (2) of the SARFAESI Act, 2002 in light of Mannalal Khetan v. Kedarnath Khetan [1976 (11) TMI 135 - SUPREME COURT]. The lease deed dated 30th November 2016 has been executed fraudulently and is grossly undervalued in order to defraud the creditors of Corporate Debtor and accordingly the such act of respondents is liable to be prosecuted under Section 45, Section 49 and Section 66 of the I & B Code, 2016. Accordingly, the lease deed dated 30th November 2016 is hereby set aside by this Adjudicating Authority in light of the powers conferred under Section 45, Section 49 read with Section 66 of the I & B Code, 2016. In addition to the above, the Respondent Nos. 6 and 7 have failed to appear and/ or place their submissions before this Adjudicating Authority. In the absence of any justification to the transactions entered into with related parties, being Respondent Nos. 6 and 7 within the lookback period, the said transactions fall under the ambit of Section 43 of the I & B Code, 2016 and accordingly, Respondent Nos. 6 and 7 are hereby directed to make payments of Rs. 11,10,000/- and Rs. 5,50,000/- respectively for being related party preferential transactions under Section 43 of the I & B Code, 2016. Infringement of trademark - HELD THAT:- This Adjudicating Authority refuses to interfere in disputes arising out of Intellectual Property Rights. However, we make it clear that in the absence of any valid agreement assigning the trademark of corporate debtor in favour of respondent no. 3, the respondent no. 3 is hereby restrained from using the property of the corporate debtor. The present application is allowed in terms of the directions stated and the Respondent Nos. 3 to 5 are hereby directed to handover peaceful, vacant, undisturbed and unhindered access to the plant, factory, land, building, shed and premises located within the 17.25 acre of land to the resolution professional/ applicant.
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