The case involves three appeals challenging a common order passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court – III). The order pertains to applications filed by the liquidator and the appellant, Sarla Performance Fibres Ltd., in relation to the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation of Desimran Cartons Private Ltd. The core dispute revolves around a Leave and License Agreement between Sarla Performance Fibres Ltd. and Desimran Cartons, which the liquidator sought to disclaim as an onerous transaction.
Desimran Cartons Private Ltd. owned a piece of land and a factory building in Amli. Jalgaon Janta Sahakari Bank Ltd. filed an application under Section 7 of the IBC to initiate CIRP against Desimran Cartons on 2019-05-08. Prior to the CIRP commencement, on 2019-06-07, Desimran Cartons entered into a Leave and License Agreement with Sarla Performance Fibres Ltd. for a rent of ₹5,000 per month for 12 years, with the bank's consent required due to an existing mortgage. CIRP commenced on 2022-03-28. The liquidator informed Sarla about the liquidation and requested a fresh agreement. Sarla did not respond initially but later offered a rent of ₹2,25,000 per month. The liquidator rejected Sarla's claim of ₹1,15,00,000. The liquidator sought to disclaim the Leave and License
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Jalgaon Janta Sahakari Bank Ltd. filed an…
Desimran Cartons Private Ltd. entered into a…
The case involves three appeals challenging a common order passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court – III). The order pertains to applications filed by the liquidator and the appellant, Sarla Performance Fibres Ltd., in relation to the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation of Desimran Cartons Private Ltd. The core dispute revolves around a Leave and License Agreement between Sarla Performance Fibres Ltd. and Desimran Cartons, which the liquidator sought to disclaim as an onerous transaction.
Desimran Cartons Private Ltd. owned a piece of land and a factory building in Amli. Jalgaon Janta Sahakari Bank Ltd. filed an application under Section 7 of the IBC to initiate CIRP against Desimran Cartons on 2019-05-08. Prior to the CIRP commencement, on 2019-06-07, Desimran Cartons entered into a Leave and License Agreement with Sarla Performance Fibres Ltd. for a rent of ₹5,000 per month for 12 years, with the bank's consent required due to an existing mortgage. CIRP commenced on 2022-03-28. The liquidator informed Sarla about the liquidation and requested a fresh agreement. Sarla did not respond initially but later offered a rent of ₹2,25,000 per month. The liquidator rejected Sarla's claim of ₹1,15,00,000. The liquidator sought to disclaim the Leave and License
…Jalgaon Janta Sahakari Bank Ltd. filed an…
Desimran Cartons Private Ltd. entered into a…