# In the matter of Vaibhav Aggarwal vs. Sunil Sachdeva & Ors.

> NCLAT judgment dated 2024-07-02. Citation: TCN-2024-NCLAT-00362. The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code 2016 against the…

- **Court:** NCLAT
- **Order date:** 2 Jul 2024
- **Citation:** TCN-2024-NCLAT-00362
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vaibhav-aggarwal-vs-sunil-sachdeva-ors-589b2603

## Summary

### Background

The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code 2016 against the order dated 14.02.2023 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi) in CP No. (IB)-2768(ND)/2019. The Adjudicating Authority admitted a Section 9 application under IBC filed by Mr. Sunil Sachdeva, an Operational Creditor, and initiated Corporate Insolvency Resolution Process (CIRP) against Haldiram Fincap Pvt Ltd. (Corporate Debtor). The appeal was preferred by the Authorised Representative of the Corporate Debtor.

## Facts

A lease agreement was entered between Late Shri Ram Prakash Sachdeva and Late Smt. Chand Sachdeva (Lessors) and Haldiram Fincap Pvt Ltd (HFPL) (Lessee/Corporate Debtor) on 28.08.2016 for a property in Paharganj, New Delhi. The lease term was for 12 years, from 28.08.2016 to 27.08.2028. The lease agreement was purportedly assigned by HFPL to Haldiram Bhujiawala Inc (HBI) on 16.12.2016. After the death of the original lessors, their son, Mr. Sunil Sachdeva, claimed to be the legal heir. Due to non-receipt of rent and GST, Mr. Sunil Sachdeva served a notice on HFPL on 05.02.2019 for Rs. 52.64 lakhs, followed by a termination notice on 28.04.2019 claiming Rs. 85.44 lakhs. A demand notice under Section 8 of IBC was issued on 17.09.2019 by Mr. Sunil Sachdeva on HFPL for Rs.

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## Issues and analysis

### Issue 1: Whether the rentals due from premises leased to the Corporate Debtor qualifies to be treated as an …

**Ratio:** Payment of license fee for use of leased premises for business purposes is clearly an

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**Reasoning:** The Tribunal relied on its previous judgment in Jaipur Trade Expo Centre and a conjoint

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**Interpretation:** The court interpreted the definition of 'operational debt' under the IBC to

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**Application:** The court applied the ratio to the present case, determining that the rentals

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Vaibhav Ag…
- **Respondents:** Haldiram Fincap…; Sunil Sac…

## Timeline

- **2016-08-28 — Lease Agr…**: A Lease Agreement was entered between the Lessors-Late Shri Ram Prakash Sachdeva and Late…
- **2016-12-16 — Lease Agreement…**: The Lease Agreement was purportedly…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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