# In the matter of Eylex Films Private Limited

> NCLT judgment dated 2025-03-17. Citation: TCN-2025-NCLT-01053. KK Homes, an operational creditor, filed a petition under Section 9 of the IBC against Eylex…

- **Court:** NCLT
- **Order date:** 17 Mar 2025
- **Citation:** TCN-2025-NCLT-01053
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/eylex-films-private-limited-82e4ebba

## Summary

### Background

KK Homes, an operational creditor, filed a petition under Section 9 of the IBC against Eylex Films Pvt. Ltd, the corporate debtor, for defaulting on operational debt amounting to Rs. 2,60,20,072.12, including interest. The debt arose from a lease agreement where Eylex Films leased a multiplex from KK Homes but failed to make payments.

## Facts

KK Homes, the applicant, is a partnership firm engaged in real estate and leasing.

Eylex Films Private Limited, the respondent, is a company engaged in film exhibition and multiplex operations.

A lease agreement was entered on 04.09.2014, where Eylex Films leased a 4-screen multiplex from KK Homes in Sambalpur, Odisha.

Eylex Films defaulted on lease payments, common area maintenance charges, and electricity charges.

KK Homes issued a demand notice on 15.12.2023, claiming Rs. 4,78,56,814/-.

A previous petition, CP(IB) No. 103 of 2024, was dismissed on 30.04.2024 because the lease agreement was unregistered.

KK Homes issued a fresh demand notice on 28.05.2024, demanding Rs. 2,60,20,072.12.

The date of default is stated to be from 10.05.2021.

…

## Issues and analysis

### Issue 1: Whether an unregistered lease agreement …

**Ratio:** The claim is not barred solely due to an unregistered lease agreement. As per an

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**Reasoning:** The Tribunal relied on the judgement of Hon'ble Supreme Court in the matter of

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**Interpretation:** An operational creditor can issue a notice in relation to an operational debt

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**Application:** The Applicant counters that the claim is based on invoices and financial

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…; +14 more
- **Appellants:** KK Homes, through…; K. K. H…; +1 more
- **Respondents:** Eylex Films…; Eylex Films Pvt.…
- **Other parties:** Keshav Kh…
- **Advocates:** Tirath…; Saumitra Chaturved…

## Timeline

- **2014-09-04 — Lease Agr…**: Lease Agreement was executed between…
- **2021-05-10 — Date of D…**: The date of default is…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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