Disclaimer of onerous property granted to the Official ...

Court Allows Liquidator to Disclaim Onerous Lease; PNB's Rights End with Sub-Lease Termination by IIPL.

July 26, 2024

Case Laws Companies Law HC

Disclaimer of onerous property granted to the Official Liquidator to disclaim office space - peaceful, vacant possession to be handed over to applicant from Official Liquidator. Mortgage/charge enforceable only during subsistence of sub-lease. Company's account NPA since 31.12.2011, symbolic possession taken by PNB on 06.02.2013. Objector-PNB's rights terminated upon termination of sub-lease by applicant-IIPL. Objector cannot claim rights beyond company's sub-lease rights. Similar case of Stressed Assets Stabilization Fund. Leave granted to Official Liquidator to disclaim property, handover vacant possession to applicant within 45 days by removing padlocks/seals. Application disposed of.

View Source

← Previous Next →

Disclaimer of onerous property granted to the Official ...

Court Allows Liquidator to Disclaim Onerous Lease; PNB's Rights End with Sub-Lease Termination by IIPL.

July 26, 2024

Case Laws Companies Law HC

You may also like:

NCLAT addressed a dispute regarding an onerous Leave and License Agreement under Regulation 10 of Liquidation Regulations. The Tribunal unanimously held that the...

Court ordered dissolution of company and discharged Official Liquidator as Liquidator u/s 481 of Companies Act, 1956 as Official Liquidator could not proceed further...

CIRP proceedings - Validity of Sub-lease - Admittedly, the transfer of portion of plot by sub-lease was effected on 27.09.2016 whereas CIRP initiated after more than two...

Cancellation of lease granted earlier, after initiation of CIRP - After CIRP is over, it shall be open for the Appellant to deal with the lease land which was leased to...

Levy of GST on Transfer Fee - Assignment of leasehold rights on land - The activity of assignment is in the nature of agreeing to transfer one’s leasehold rights. It...

The HC granted the landlord's application under Section 446 of the Companies Act, directing the official liquidator to surrender premises leased to a company in...

Requirement of pre-deposit of 7.5% of the penalty imposed - The requirement for 7.5% pre-deposit of the penalty demanded cannot be said to be exorbitant or onerous, more...

Dissolution of company sought u/s 481 of Companies Act, 1956. Court opined liquidation proceedings warranted termination, company should be dissolved as Official...

The Advance Ruling Authority held that the applicant, being the lessor and registered supplier of services for leasing a commercial property, is liable to remit Goods...

CIRP - Removal of the Leasehold Land from the pull of Assets of the Corporate Debtor - right to terminate the Lease Deed - the Appellant has never initiated any...

Oppression and Mismanagement - Validity of the Lease Deed - Doctrine of Res Sub-Judice - Appellants argued that the Tribunal overstepped its jurisdiction by setting...

Scope of supply - transfer of leasehold rights in respect of Noida Authority allotted land - The AAR held that, The activity of assignment is in the nature of agreeing...

The Delhi High Court addressed issues related to reimbursement of software costs, reimbursement of expatriate salaries, and lease registration charges. The court held...

Disallowance of prior period expenses pertaining to expenditure crystallized or details received after completion of earlier years' audits. Genuineness not doubted,...

Disallowance of depreciation in respect of asset given on lease - the lessee has been given only right to use the asset for the terms of the lease on payment of...

Quick Updates: