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NCLAT dismissed the appeal and upheld the Adjudicating Authority's order holding that the purported lease deed dated 24.09.2007 is void and unenforceable. The Tribunal found the deed was not executed by persons authorised under the deed itself, was signed by an unauthorised employee, and no competent evidence proved payment of the substantial upfront consideration or advance rent alleged therein. Consequently, no leasehold rights in the specified land and plant transferred to the corporate debtor, and the assets cannot be treated as the corporate debtor's property. The Tribunal further held that reliance by a financial institution on the void deed does not validate it, and the impugned order dated 14.03.2024 is affirmed; appeals dismissed.
NCLAT dismissed the appeal and upheld the Adjudicating Authority's order holding that the purported lease deed dated 24.09.2007 is void and unenforceable. The Tribunal found the deed was not executed by persons authorised under the deed itself, was signed by an unauthorised employee, and no competent evidence proved payment of the substantial upfront consideration or advance rent alleged therein. Consequently, no leasehold rights in the specified land and plant transferred to the corporate debtor, and the assets cannot be treated as the corporate debtor's property. The Tribunal further held that reliance by a financial institution on the void deed does not validate it, and the impugned order dated 14.03.2024 is affirmed; appeals dismissed.
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