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Sunil Packaging Pvt. Ltd. Versus Dishnet Wireless Limited

2017 (7) TMI 466 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI

Initiation of proceedings under Insolvency and Bankruptcy Code - Held that:- 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 that the case on hand, in view of the clear violation of covenant provided in the Lease Deed executed between the parties in this case, squarely falls under section 5(6)(c) of the Code. - There being vacation, in between, there has been a delay .....

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ditor 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 (Application to Adjudicating Authority) Rules, 2016 (the Rules) seeking relief under Section 9 of the Code. 2. The Operational Creditor says that their prope .....

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of 24 months from the date of commencement of the lease. The lease rent was fixed at ₹ 1,25,000 per month payable on or before 7th of every month. The Lessee, i.e. the Corporate Debtor has also paid an interest free refundable security deposit of ₹ 3,75,000 which is equivalent to three months rent payable to the Lessor, i.e. the Operational Creditor. In the covenants portion of the Lease Deed, the Lessor (Operational Creditor) represented, declared and agreed, that the Lessor have n .....

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yment 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 .....

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ty for a loan of ₹ 31,45,000 disbursed by UP Financial Corporation Ltd. in favour of Greenfield Corporation Ltd. The said notice further states that the loan was duly discharged by Greenfield Corporation Ltd. pursuant to which no charge in favour of UP Financial Corporation Ltd. exists. It further says that the Operational Creditor by a notice dated 21.3.2003 terminated the Lease Deed dated 30.7.1989 entered with M/s. Greenfield Corporation Ltd. 5. The Operational Creditor contended that t .....

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stayed the recovery proceedings initiated by UP Financial Corporation Ltd. against the 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 .....

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nal Creditor. The Operational Creditor says that the Corporate debtor raised the above claim mala fidely after receipt of winding up notice dated 7-11-2016. The Operational Creditor averred that lease deed provided that parties are not entitled to terminate the lease before the expiry of 24 months from the date of commencement of the lease. 8. The Corporate Debtor in its reply dated 23.1.2017, inter alia among others, stated that on 4.4.2014 and 24.6.2014 received letters from UP Financial Corpo .....

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ebtor informed the Operational Creditor, due to the reasons stated in the notices issued by UP Financial Corporation Ltd., they are not interested in keeping the leased premises and requested the Operational Creditor to take possession of the premises within 15 days. Subsequently, on 12.11.2014, the Corporate Debtor, informed the Operational 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 refun .....

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.1989 for 99 years in favour of Greenfield Corporation Ltd. is against the covenant entered between the parties in terms of Lease Deed dated 25.10.2013, and hence the Lease Deed dated 25.10.2013 was illegal since the sub-letting of the mortgaged property without the approval of UP Financial Corporation Ltd is illegal. The Corporate Debtor denied the liability and instead called upon the Operational Creditor to refund the Security Deposit of ₹ 3,75,000 along with the interest, paid in terms .....

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