2026 (1) TMI 272

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....ional Creditor, being aggrieved vide the order dated 01.02.2024, by which C.P. (IB) No. 592/MB/2023, filed by the Appellant for the resolution of its debt of Rs. 2,38,26,883/- has been dismissed. 2. In brief, the Appellant/ Operational Creditor leased out its immovable property, mentioned in Schedule- I of the Leave & License Agreement dated 16.08.2019 to the Corporate Debtor for a period of five years starting from 01.07.2019 to 30.06.2024 for industrial and commercial purposes. 3. Both the parties also entered into another agreement called the Amenities Agreement dated 16.08.2019 which was to be terminated with the Leave & License Agreement. 4. The Appellant, in its application filed under Section 9 of the Insolvency & Bankruptcy....

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.... 2 Rent & Amenities for March 2023 14,16,000/- 1+2=A SUB-TOTAL (A) Total License & Amenities Fee (Juy,2019 to March, 2023) 4,24,80,000/- 4 Total Rent Received 3,27,09,095/- 5 Total TDS Received 20,36,000/- 4+5=B SUB-TOTAL (B) Total Amount Received 3,47,45,095/- C Double License fees/ amenities 28,32,000/- D Interest charges 17,32,978/- E Discount of power connection to be retained in our name 1,20,00,000/- F GST & Expenses 4,73,000/- A+C+D+E- B-F=G Net Recievable to Amex Infrastructure Pvt. Ltd. from Samaro Global Industries Pvt. Ltd. as on 30.04.2023 2,38,26,883/- 7. Counsel for the Appellant has submitted that the total period of five years was fro....

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....Appellant has argued that in terms of the Leave & License Agreement, the Appellant has not charged the license fee from July 2019 to September, 2020 and charged the amenities fee for that period. It is submitted that the amount of Rs. 4,10,64,000/-, calculated from July, 2019 till February, 2023, includes both the rent and amenities fee. It is further submitted that rent and amenities fee for the month of March, 2023 amounting to Rs. 14,16,000/- has not been paid by Respondent. Therefore, the total amount is calculated at Rs. 4,24,80,000/- out of which the Appellant has received Rs. 3,27,09,095/- and Rs. 20,36,000/-. It is submitted that despite the deduction of Rs. 3,47,45,095/-, received by the Appellant, the Appellant is entitled to doub....

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....Rs. 4,24,80,000/-is taken, if Rs. 3,47,45,095/- is deducted, then the amount comes to around Rs. 77 Lakhs and if the amount of the double license fee and amenities along with interest and the discount of power connection is also added then it will cross the threshold. 14. After hearing Counsel for the Parties and perusing the record, we have found that this case is based upon two written agreements executed between the parties i.e., Leave & License Agreement and Amenities Agreement, both executed on the same date i.e., 16.08.2019 for a period of five years commencing from 01.07.2019 to 30.06.2024. The Appellant gave a concession to the Licensee regarding the payment of Leave & License Agreement fee w.e.f. 01.07.2019 to 30.09.2020 but the....