TMI Blog2019 (10) TMI 620X X X X Extracts X X X X X X X X Extracts X X X X ..... justified reasons as per the Code. The Hon'ble Supreme Court in the case of Mobilox Innovations (P.) Ltd. v. Kirusa Software Private Limited [ 2017 (9) TMI 1270 - SUPREME COURT ] has inter alia, held that IBC, 2016 is not intended to be substitute to a recovery forum. The claim made in the instant Company Petition based on the expired Lease Deed as stated supra and that there is an alternative remedy available to the Petitioner to file Civil Suit to evict the tenant/Corporate Debtor and to recover alleged outstanding arrears of rent - Petition dismissed. - CP (IB) No. 205/BB/2018 - - - Dated:- 18-6-2019 - SHRI RAJESWARA RAO VITTANALA, MEMBER (JUDICIAL) AND DR. ASHOK KUMAR MISHRA, MEMBER (TECHNICAL) OR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ain Road, KSIDC Industrial Estate, Rajajinagar to the Respondent herein vide lease deed dated 13.02.2013. However, the Respondent had continued to occupy premises till date and has not been regularly paying rent. (4) Therefore, the Petitioner had issued a legal notice dated 28.02.2018 calling upon the Respondent to pay the arrears of rent amounting to ₹ 41,53,754/- for the period from December, 2016 to February, 2018. Subsequently, the Petitioner issued demand notice dated 18.07.2018 in Form 3 U/r 5 of I B (AAA) Rules, 2016 by calling upon the Respondent to pay the arrears of rent amounting to ₹ 41,53,754/- for the period December, 2016 to February, 2018. However, there was no reply to the above said Notices n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... am of revenue. This has forced the Respondent to seek a compromise settlement with all of its creditors and most of them, have graciously accepted such offer. The Petitioner however, insists on harassing the Respondent by filing this present Petition. The Petitioner is clearly motivated not by seeking for recovery of any outstanding sums due but only by revenge against the Respondent. (4) The Respondent is a going concern, but its business has suffered in the last couple of years, which is why the Respondent was unable to clear its dues with the Petitioner. However, the Respondent is willing even till date to discuss a possibility of settlement with the Petitioner. Therefore, the issue may be referred to Mediation Forum to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deposit by Cheque No. 494078 drawn on Syndicate Bank, Jayanagara Branch, dated 25.01.2013 and the security deposit shall not carry any interest. 2. The security deposit shall be returned at the end of the lease period or when the lease is terminated as provided under this Lease Deed by either of the parties after deducting amounts towards damage to the property, arrears of rent and other charges, unpaid electricity and water charges etc. D. Payment of Municipal and other Taxes: 1. The LESSOR shall bear and pay all the past, present and future municipal taxes weather existing or enhanced, the property taxes, rates and Cesses payable to the Bangalore Mahanagara Palike. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecome due. 6. The lease agreement is only for a period of 3 years with condition of termination for failure to obey conditions. Though a legal notice dated 28.02.2018 by inter alia stating that the Corporate Debtor continues its operations in the lease premises and was also not regular in payment and thus, fell due for ₹ 41,53,754/- towards for the period from December, 2016 to February, 2018 and demanding to vacate and handover, at least portion of the leased premises with a request to clear the arrears of rent. However, the Petitioner failed to take appropriate legal action but chose to issue a notice dated 18.07.2018, in Form 3 under the Code by inter alia demanding to pay an outstanding amount of ₹ 41,53,754/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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