Court grants extensions for private company to vacate premises due to landlord's bankruptcy. Settlement reached on outstanding rent.

The court granted extensions for the petitioner, a private limited company, to vacate premises due to the landlord's bankruptcy. The petitioner eventually vacated and settled outstanding rent and arrears with the liquidator, including electricity charges. The court deemed the issue resolved, binding the petitioner to fulfill their commitment towards outstanding electricity charges.

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Issues:
1) Lease agreement dispute between a private limited company and a landlord under liquidation.
2) Request for time to vacate premises and hand over possession to the liquidator.
3) Settlement of outstanding rent and arrears, including electricity charges.

Issue 1: Lease agreement dispute
The petitioner, a private limited company, entered into a lease agreement with M/s Hind Motors India Limited for a portion of an industrial plot. The property was mortgaged to Union Bank of India as collateral security. Due to the landlord's default and subsequent bankruptcy, a liquidator was appointed under the Insolvency and Bankruptcy Code, 2016. The petitioner sought time to vacate the premises as their showroom was under construction. The court granted extensions for vacating the premises, considering the impact on the petitioner's business operations.

Issue 2: Request for time to vacate premises
The petitioner approached the court seeking additional time to vacate the rented portion of the plot and hand over physical possession to the liquidator. Various orders were passed by the court, including granting extensions based on the progress of the petitioner's showroom construction. The petitioner eventually vacated the premises and handed over possession to the liquidator, leading to discussions on clearing arrears of rent and refundable security adjustment.

Issue 3: Settlement of outstanding rent and arrears
After vacating the premises, the petitioner cleared arrears of rent by tendering a crossed cheque to the liquidator. The parties agreed on the settlement amount, considering adjustments for the refundable security and outstanding electricity charges. The petitioner committed to paying the remaining electricity charges within a specified timeline. As a result, the court deemed the issue settled between the parties, disposing of the case and binding the petitioner to fulfill their commitment towards outstanding electricity charges.

By meticulously examining the lease agreement dispute, the request for time to vacate premises, and the settlement of outstanding rent and arrears, the court effectively resolved the legal complexities surrounding the case, ensuring fair treatment for all parties involved.

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