The case involves a petition filed by BIOTOR Industries Limited (in liquidation) challenging orders issued by the Gujarat Industrial Development Corporation (GIDC). These orders include the termination of a license agreement dated 28.12.2021, the termination of a lease deed dated 31.12.2021, and a notice dated 18.01.2022 under Section 5(1) of the Gujarat Public Premises (Eviction of Unauthorized Occupants) Act, 1972 (GPP Act). The petitioner argues that the termination notices were issued without following the principles of natural justice and in violation of the Insolvency and Bankruptcy Code (IBC), 2016. The GIDC contends that the petitioner failed to comply with the terms of the allotment letter and lease agreement, justifying the termination.
BIOTOR Industries Limited, formerly known as Jayant Oils and Derivatives Limited, was ordered to be liquidated on 31.12.2018 by the National Company Law Tribunal (NCLT). The liquidation process commenced, and a liquidator was appointed. The company had been allotted land in Vilayat Industrial Estate, Bharuch, admeasuring 11,89,603 square meters. A license agreement was entered into on 20.01.2007 for development of an SEZ/Industrial Park, followed by a lease agreement on 12.11.2008 for a period of 99 years. The company paid an upfront amount of Rs.23,78,12,600/- and was required to pay an annual rent of Rs.1885/-. GIDC terminated the license agreement and lease deed due to non-compliance with the conditions of the allotment letter and non-payment of rent. The liquidator
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A license agreement was…
Land was allotted to…
The case involves a petition filed by BIOTOR Industries Limited (in liquidation) challenging orders issued by the Gujarat Industrial Development Corporation (GIDC). These orders include the termination of a license agreement dated 28.12.2021, the termination of a lease deed dated 31.12.2021, and a notice dated 18.01.2022 under Section 5(1) of the Gujarat Public Premises (Eviction of Unauthorized Occupants) Act, 1972 (GPP Act). The petitioner argues that the termination notices were issued without following the principles of natural justice and in violation of the Insolvency and Bankruptcy Code (IBC), 2016. The GIDC contends that the petitioner failed to comply with the terms of the allotment letter and lease agreement, justifying the termination.
BIOTOR Industries Limited, formerly known as Jayant Oils and Derivatives Limited, was ordered to be liquidated on 31.12.2018 by the National Company Law Tribunal (NCLT). The liquidation process commenced, and a liquidator was appointed. The company had been allotted land in Vilayat Industrial Estate, Bharuch, admeasuring 11,89,603 square meters. A license agreement was entered into on 20.01.2007 for development of an SEZ/Industrial Park, followed by a lease agreement on 12.11.2008 for a period of 99 years. The company paid an upfront amount of Rs.23,78,12,600/- and was required to pay an annual rent of Rs.1885/-. GIDC terminated the license agreement and lease deed due to non-compliance with the conditions of the allotment letter and non-payment of rent. The liquidator
…A license agreement was…
Land was allotted to…