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The NCLAT held that the Wockhardt Cephalosporin Facility, situated in an area of 13,000 sq. ft. within the larger property, is part of the liquidation estate of the CD. The CD had acquired leasehold rights over the entire area of 64,925 sq. mtrs. through the consent letter dated 09.03.2017 and Assignment Agreement dated 27.03.2018. The MIDC did not grant consent for sub-letting in favor of Wockhardt Ltd. The payment made by the Appellant pursuant to the RP's letter demanding unauthorized sub-letting charges cannot be construed as valid sub-letting. The Appellant's claim to exclude the 13,000 sq. ft. area from the CD's assets was rejected. The appeal was dismissed.
The NCLAT held that the Wockhardt Cephalosporin Facility, situated in an area of 13,000 sq. ft. within the larger property, is part of the liquidation estate of the CD. The CD had acquired leasehold rights over the entire area of 64,925 sq. mtrs. through the consent letter dated 09.03.2017 and Assignment Agreement dated 27.03.2018. The MIDC did not grant consent for sub-letting in favor of Wockhardt Ltd. The payment made by the Appellant pursuant to the RP's letter demanding unauthorized sub-letting charges cannot be construed as valid sub-letting. The Appellant's claim to exclude the 13,000 sq. ft. area from the CD's assets was rejected. The appeal was dismissed.
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