TaxTMI 
TaxTMI 
2017 (7) TMI 466
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....ngs under Insolvency and Bankruptcy Code, 2016 (the Code) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (the Rules) seeking relief under Section 9 of the Code. 2. The Operational Creditor says that their property situated at Khasra No.2150, Village Mawana Kalan, Mawana Road, District Meerut, Uttar Pradesh admeasuring 36,495 sq.ft. with the constructed area of 2,260 sq.ft. leased to the Corporate Debtor for using it as warehouse to store their optic fibre materials and other telecommunication equipments by a Lease Agreement dated 25.10.2013, for a total period of 36 months commencing from 25.10.2013. The Lease Agreement states that the parties shall not be entitled to terminate the lea....
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....on 9 of IB Code. In the said notice, at Para 3 it was stated that a Lease Deed dated 3.7.1989 was executed by the Operational Creditor in favour of one M/s. Greenfield Corporation Ltd. for a period of 99 years for the property situated at Khasra No.2150, comprising of a piece and parcel of land admeasuring 2800 sq. yards (same property leased to the Corporate Debtor), the said Lease Deed empowered Greenfield Corporation Ltd. to mortgage the said property to UP Financial Corporation Ltd., as security for a loan of Rs. 31,45,000 disbursed by UP Financial Corporation Ltd. in favour of Greenfield Corporation Ltd. The said notice further states that the loan was duly discharged by Greenfield Corporation Ltd. pursuant to which no charge in favour....
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.... raising the dispute/ defence with regard to notices received from UP Financial Corporation Ltd., and contended that lease deed was terminated on 12.11.2014 and also claimed refund of the deposit of Rs. 3,75,000/- from the Operational Creditor. The Operational Creditor says that the Corporate debtor raised the above claim mala fidely after receipt of winding up notice dated 7-11-2016. The Operational Creditor averred that lease deed provided that parties are not entitled to terminate the lease before the expiry of 24 months from the date of commencement of the lease. 8. The Corporate Debtor in its reply dated 23.1.2017, inter alia among others, stated that on 4.4.2014 and 24.6.2014 received letters from UP Financial Corporation Ltd. statin....
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....favour of Greenfield Corporation Ltd. is against the covenant entered between the parties in terms of Lease Deed dated 25.10.2013, and hence the Lease Deed dated 25.10.2013 was illegal since the sub-letting of the mortgaged property without the approval of UP Financial Corporation Ltd is illegal. The Corporate Debtor denied the liability and instead called upon the Operational Creditor to refund the Security Deposit of Rs. 3,75,000 along with the interest, paid in terms of Clause 5 of the Lease Deed. 9. Section 5(6) of the Code provides that dispute includes a suit or arbitration proceedings relating to- (a) The existence of the amount of debt; (b) The quality of goods and service; or (c) The breach of a representation or warra....