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2022 (9) TMI 1295 - AT - Insolvency and BankruptcyHanding over possession of an asset of immovable property belonging to the Corporate Debtor to IRP - HELD THAT - The Agreement to Sell which is relied by the Appellant dated 30.12.2019 contemplated sale of the immovable property of the Corporate Debtor for a consideration of Rs.1.70 crores. In the Agreement the Appellant claimed to have paid Rs.30 lakhs. There is no proof by the Appellant for making payment of balance amount of Rs.1.40 crores. The Leave and License Agreement which is relied by the Appellant dated 30.12.2019 is an unregistered document where the Corporate Debtor claims to have granted the permission to the Licensee to occupy the property together with building till the time Licensor and Licensee execute the Sale Deed - The Leave and Licensee Agreement is thus admittedly without any consideration. The present is a case where ownership of the asset is not denied even by the Appellant. The submission which has now been pressed by the learned Counsel for the Appellant is that Adjudicating Authority has no jurisdiction to entertain the Application - The Leave and License Agreement under which the Appellant is occupying the assets could not have been cancelled by the Adjudicating Authority nor the Leave and License could be disregarded by the Adjudicating Authority by directing the Resolution Professional to take possession of the assets. Whether the Appellant has any right to resist for taking possession of the assets by the IRP? - HELD THAT - The Leave and License Agreement was executed without any consideration. Clause 2 of the Leave and License Agreement clearly contemplated that Licensor shall not charge any License Fee from the Licensee for grant of Leave and License of the said premises. Section 25 of the Contract Act 1872 provides that Agreement without consideration are void unless it is in writing and registered - The present is a case where Leave and License Agreement was executed without any consideration and the document which has been relied by the Appellant is an unregistered document. Thus it is not saved by exception as carved out in Section 25 sub-section (1). The document is a void document which shall not give any right to the Appellant to resist taking up the possession by the RP of the assets belonging to the Corporate Debtor. The Adjudicating Authority has not committed any error in directing the Appellant to handover the possession of the assets belonging to the Corporate Debtor - Appeal dismissed.
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