# In the matter of Indiabulls Real Estate Company Pvt. Ltd. CP No. IB-251-ND-2018

> NCLT judgment dated 2018-05-01. Citation: TCN-2018-NCLT-01474. M/s Indsur Global Limited, an Operational Creditor, filed an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 1 May 2018
- **Citation:** TCN-2018-NCLT-01474
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/indiabulls-real-estate-company-pvt-ltd-cp-no-ib-251-nd-2018-35256619

## Summary

### Background

M/s Indsur Global Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) against M/s Indiabulls Real Estate Company Private Limited, the Corporate Debtor. The claim arose from a registered leave and license agreement between the parties dated 28.1.2014, concerning premises at Indiabulls Finance Center, Mumbai. The Operational Creditor claimed that the Corporate Debtor defaulted on rent payments due to discrepancies in the actual area of the premises versus the area for which rent was collected.

## Facts

M/s Indsur Global Limited (Operational Creditor) and M/s Indiabulls Real Estate Company Private Limited (Corporate Debtor) entered into a leave and license agreement on 28.1.2014 for premises located at Indiabulls Finance Center, Mumbai. The agreement covered a period of 60 months, effective from 1.4.2014 to 31.3.2019. The rent was based on a per sq. ft. basis for a total area of 4526 sq. ft. From 1.4.2017, the rent was to be enhanced, reaching Rs. 8,63,855/- per month. A surveyor commissioned by the Operational Creditor on 12.02.2017 found the actual area to be 3719 sq. ft., leading to a claim for excess rent paid. The Operational Creditor claimed a default of Rs. 44,43,544/- as principal outstanding rent as of 31.10.2017, along with interest and outstanding

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## Issues and analysis

### Issue 1: Whether the claim arising out of a lease agreement for immovable property can be considered an …

**Ratio:** Claims arising from lease transactions for immovable property do not fall within the

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**Reasoning:** The Tribunal relied on its previous orders and the decision of the NCLAT, which held that

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**Interpretation:** The interpretation of 'operational debt' under the IBC, 2016, is limited to

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**Application:** In this case, the claim arose from a lease agreement. Since the lease agreement

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## Parties

- **Judges:** R. VARADH…; DR.V.K.Su…
- **Appellants:** M/s Indsur Global…
- **Respondents:** M/s Indiabulls…

## Timeline

- **2014-01-28 — Leave and License…**: Leave and license agreement entered into between M/s Indsur Global Limited and M/s…
- **2014-04-01 — Agreement Effec…**: Leave and license…

## 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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