TMI Blog2017 (7) TMI 466X X X X Extracts X X X X X X X X Extracts X X X X ..... o approach appropriate forum for suitable remedy if eligible under any other law in force. - C.P. NO. 508/I & BP/NCLT/MAH/2017 - - - Dated:- 14-6-2017 - MR. B. S. V. PRAKASH KUMAR, AND MR. V. NALLASENAPATHY, JJ. For The Corporate Debtor : D.J. Kakaria, Adv. and Ms. Raghavi Sharma ORDER Per V Nallasenapathy, Member (Technical) 1. Sunil Packaging Pvt. Ltd., the Operational Creditor herein, filed this Insolvency and Bankruptcy Petition against the Corporate Debtor, Dishnet Wireless Ltd., alleging that a sum of ₹ 40,40,726 is in default as on 26.2.2017, by the Corporate Debtor for initiation of proceedings under Insolvency and Bankruptcy Code, 2016 (the Code) read with Rule 4 of the Insolvency and Bankruptcy (Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the leased premises under the Lease Deed. 3. The Operational Creditor says that rent was paid upto February- March, 2014 and there was no subsequent payment of lease rent by the Corporate Debtor. 4. The Advocate for the Operational Creditor issued a legal notice under Section 8(1) of IB Code on 13.1.2017, demanding a sum of ₹ 39,15,726 as due and payable in terms of the said Lease Deed for the lease period with interest at the rate of 24% per annum on ₹ 39,15,726, within 10 days, being the debt due and payable, failing which Insolvency Resolution Process will be initiated against the Corporate Debtor under the provisions of Section 9 of IB Code. In the said notice, at Para 3 it was stated that a Lease Deed dated 3.7.1989 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Operational Creditor. 7. The Operational Creditor says legal notices were issued on 9-2-2015, 21-3-2015 21-9-2016 calling upon the corporate debtor to make payment forthwith for which there was no response, authorised representatives was sent to the office of the Corporate debtor at Gurgaon Meerut and emails were exchanged between the parties. It is further averred that, in view of the default and negligent approach of the Corporate debtor, on 7-11-2016 a legal notice under section 434(1)(a) of the Companies Act, 1956 was sent claiming a sum of ₹ 39,15,726/- with further interest, for which, the corporate debtor replied on 1-12-2016 through an advocate raising the dispute/ defence with regard to notices received from UP Financ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional Creditor that the Lease Deed stood terminated on 23.10.2014 and the premises is lying vacant and unused and also requested the Operational Creditor to refund the Security Deposit of ₹ 3,75,000. The Corporate Debtor further averred that the Operational Creditor wilfully mislead and induced them to believe that the Operational Creditor was the absolute and lawful owner of the leased premises, and entered into the Lease Deed by suppressing material fact that a charge in favour of UP Financial Corporation Ltd was created by M/s. Greenfield Corporation Ltd. The Corporate Debtor states that non-disclosure of execution of previous Lease Deed on 30.9.1989 for 99 years in favour of Greenfield Corporation Ltd. is against the covenant ente ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es nor shall create or purport to create any such charge or encumbrance hereafter that may adversely affect the right of the LESSEE over the Leased Premises under this Lease Deed. c. The LESSOR will keep the Leased Premises maintained in good and tenable condition and carry out all necessary repairs to the Leased 11. On hearing the submissions of either side and in view of the ratio laid by the Hon'ble National Company Law Appellate Tribunal in the matter of Kirusa Software (P.) Ltd. v. Mobilex Innovations (P.) Ltd. [2017] 82 taxmann.com 191 that the dispute in Insolvency and Bankruptcy must relate to specified nature in clause (a), (b) or (c) of sub-Section (6) of Section 5 of the Code, this Adjudicating Authority holds ..... X X X X Extracts X X X X X X X X Extracts X X X X
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