The appeal challenges an order by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench) regarding Company Appeal (IBC) No. 13/2023. The appellant contested the liquidator's decision communicated via email on 03.01.2023. The initial Company Application filed under Section 42 of the Insolvency and Bankruptcy Code, 2016, was disposed of with three directives. The appellant, feeling aggrieved by the Adjudicating Authority's order, filed the current appeal.
The appellant's predecessor executed a lease deed on 04.04.2012 in favor of the Corporate Debtor for an industrial shed in Thiruvallur District. The lease was for seven years with a monthly rent of Rs. 21,83,000/-. The appellant obtained title to the property via a settlement deed registered on 18.03.2015. The Corporate Debtor defaulted on lease payments from December 2014. The lessor invoked Clause 21(a) of the lease deed and issued a notice on 01.05.2015, terminating the lease and demanding possession. Arbitration proceedings were initiated, and the Arbitral Tribunal issued an award on 07.09.2016, directing payment of rental arrears from 16.12.2014 to 01.05.2015. The appellant filed execution petitions (EP No.40/2018 and EP No. 41/2018) to enforce the award, which
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Appellant's predecessor…
Corporate Debtor…
The appeal challenges an order by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench) regarding Company Appeal (IBC) No. 13/2023. The appellant contested the liquidator's decision communicated via email on 03.01.2023. The initial Company Application filed under Section 42 of the Insolvency and Bankruptcy Code, 2016, was disposed of with three directives. The appellant, feeling aggrieved by the Adjudicating Authority's order, filed the current appeal.
The appellant's predecessor executed a lease deed on 04.04.2012 in favor of the Corporate Debtor for an industrial shed in Thiruvallur District. The lease was for seven years with a monthly rent of Rs. 21,83,000/-. The appellant obtained title to the property via a settlement deed registered on 18.03.2015. The Corporate Debtor defaulted on lease payments from December 2014. The lessor invoked Clause 21(a) of the lease deed and issued a notice on 01.05.2015, terminating the lease and demanding possession. Arbitration proceedings were initiated, and the Arbitral Tribunal issued an award on 07.09.2016, directing payment of rental arrears from 16.12.2014 to 01.05.2015. The appellant filed execution petitions (EP No.40/2018 and EP No. 41/2018) to enforce the award, which
…Appellant's predecessor…
Corporate Debtor…