GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

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

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

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ber (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 (Application to Adjudicating Authority) Rules, 2016 (the Rules) seeking relief under Section .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

arties shall not be entitled to terminate the lease before expiry 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 C .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

as 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 initi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

age the said property to UP Financial Corporation Ltd., as security 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. Greenfi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

le High Court of Judicature Allahabad by an order dated 6-2-2004 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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

med refund of the deposit of ₹ 3,75,000/- from the Operational 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 o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

or till the month of March, 2014 and on 8.10.2014 the Corporate Debtor 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 vacan .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s 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 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 D .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version