The case involves two appeals, CA(AT)(Ins) No. 190 of 2021 and CA(AT)(Ins) No. 245 of 2021, both arising from an order dated 08th February 2021 passed by the National Company Law Tribunal, Chandigarh Bench. The appeals concern disputes over lease rentals between International Mega Food Park Limited (Corporate Debtor) and Schreiber Dynamix Diaries Private Limited. CA 600/2019 was filed by the Resolution Professional (RP) of the Corporate Debtor under Section 60(5) read with Section 25 of the Insolvency and Bankruptcy Code, 2016, seeking directions for Schreiber Dynamix to pay outstanding lease rent. CA 904/2019 was filed by Schreiber Dynamix challenging the maintainability of CA 600/2019.
International Mega Food Park Limited (IMFPL), the 'Corporate Debtor', operated under the Mega Food Park Scheme of the Government of India and relied on rental income from Schreiber Dynamix Diaries Private Limited (SDDPL), its sole lessee. A registered lease deed dated 09.03.2016 existed between IMFPL and SDDPL. The RP claimed SDDPL owed Rs. 5,76,23,909.96 in lease rent from April 2016 to July 2019. The lease agreement stipulated that monthly lease rents were linked to the lessor's investment, with a return on investment (ROI) of 13.6% on existing investments and 20.5% on additional investments. SBI lent Rs. 20 Crores to IMFPL and entered into a Tripartite Agreement dated 09.03.2016 with IMFPL and SDDPL, requiring SDDPL to deposit lease rentals into an Escrow Account.
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Order passed by National Company Law Tribunal,…
Registered Lease Deed dated 09.03.2016 between…
The case involves two appeals, CA(AT)(Ins) No. 190 of 2021 and CA(AT)(Ins) No. 245 of 2021, both arising from an order dated 08th February 2021 passed by the National Company Law Tribunal, Chandigarh Bench. The appeals concern disputes over lease rentals between International Mega Food Park Limited (Corporate Debtor) and Schreiber Dynamix Diaries Private Limited. CA 600/2019 was filed by the Resolution Professional (RP) of the Corporate Debtor under Section 60(5) read with Section 25 of the Insolvency and Bankruptcy Code, 2016, seeking directions for Schreiber Dynamix to pay outstanding lease rent. CA 904/2019 was filed by Schreiber Dynamix challenging the maintainability of CA 600/2019.
International Mega Food Park Limited (IMFPL), the 'Corporate Debtor', operated under the Mega Food Park Scheme of the Government of India and relied on rental income from Schreiber Dynamix Diaries Private Limited (SDDPL), its sole lessee. A registered lease deed dated 09.03.2016 existed between IMFPL and SDDPL. The RP claimed SDDPL owed Rs. 5,76,23,909.96 in lease rent from April 2016 to July 2019. The lease agreement stipulated that monthly lease rents were linked to the lessor's investment, with a return on investment (ROI) of 13.6% on existing investments and 20.5% on additional investments. SBI lent Rs. 20 Crores to IMFPL and entered into a Tripartite Agreement dated 09.03.2016 with IMFPL and SDDPL, requiring SDDPL to deposit lease rentals into an Escrow Account.
…Order passed by National Company Law Tribunal,…
Registered Lease Deed dated 09.03.2016 between…