TMI Blog2022 (4) TMI 1448X X X X Extracts X X X X X X X X Extracts X X X X ..... :- The payment of Rs.32,43,000/- is contemplated to be payment of interest free deposit towards advance license fee although it was contemplated to be retained as security deposit till the end of the lease period. Present is a case where although Agreement took place between the parties but the project could not take off and it was abandoned. Learned counsel for the Appellant disputes the fact tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant. This Appeal has been filed against order dated 21.12.2021 passed by the Adjudicating Authority by which the Adjudicating Authority has admitted the Application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by the Operational Creditor. 2. The Operational Creditor has given a sum of Rs.32,43,000/- as interest free deposit towards the advance license fee which was conte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sis provides:- 5. That the licensee shall pay a sum of Rs.32,43,000 (Rupees Thirty Two Lacs and Forty Three Thousand) and interest free deposit towards advance license fee and the same will be retained as a security deposit by the licensor till the end of the license period. The security deposit shall be refunded at the end of 3 years i.e. once the entire payment of 3 years is received unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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