# In the matter of Sumant Kumar Gupta vs. Schreiber Dynamix Diaries Private Limited Company Appeal (AT) (Insolvency) No. 190 & 245 of 2021

> NCLAT judgment dated 2022-09-05. Citation: TCN-2022-NCLAT-00235. The case involves two appeals, CA(AT)(Ins) No. 190 of 2021 and CA(AT)(Ins) No. 245 of 2021,…

- **Court:** NCLAT
- **Order date:** 5 Sept 2022
- **Citation:** TCN-2022-NCLAT-00235
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sumant-kumar-gupta-vs-schreiber-dynamix-diaries-private-limited-company-appeal-6a4966ac

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in observing that it lacked jurisdiction to …

**Ratio:** The NCLAT has the power to decide issues directly related to the insolvency proceedings

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**Reasoning:** The NCLAT considered that the issue of lease rentals was directly connected to the

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**Interpretation:** The NCLAT interpreted that the Adjudicating Authority has the power to decide

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**Application:** The NCLAT applied the ratio to the facts of the case and concluded that the

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## Parties

- **Judges:** Anant Bijay…; Shreesha…
- **Appellants:** Sumant Kuma…
- **Respondents:** International…; Schreiber Dynamix…

## Timeline

- **2021-02-08 — Order by NCLT C…**: Order passed by National Company Law Tribunal, Chandigarh Bench in CA Nos. 600/2019 &…
- **2016-03-09 — Lease De…**: Registered Lease Deed dated 09.03.2016 between International Mega Food Park Limited and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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