# 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-01475. M/s Indsur Global Limited, acting as an Operational Creditor (OC), initiated proceedings under…

- **Court:** NCLT
- **Order date:** 1 May 2018
- **Citation:** TCN-2018-NCLT-01475
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/indiabulls-real-estate-company-pvt-ltd-cp-no-ib-251-nd-2018-686bc08d

## Summary

### Background

M/s Indsur Global Limited, acting as an Operational Creditor (OC), initiated proceedings under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s Indiabulls Real Estate Company Private Limited, the Corporate Debtor (CD). The claim stemmed from a registered leave and license agreement between the parties dated 28.1.2014, concerning premises located at Indiabulls Finance Center, Mumbai. The OC alleged default in rent payments, claiming that the actual area of the premises was less than what was being charged for, leading to excess rent collection. The CD disputed the claim, asserting that a notice of dispute had been sent. The matter was initially listed on 15.3.2018, and subsequently adjourned to 5.4.2018.

## Facts

M/s Indsur Global Limited, as an Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Indiabulls Real Estate Company Private Limited, the Corporate Debtor (CD). The dispute arose from a registered leave and license agreement dated 28.1.2014, concerning premises at Indiabulls Finance Center, Mumbai. The OC claimed default in rent payments, alleging that the actual area was 3719 sq. ft., while rent was being collected for 4526 sq. ft., resulting in excess rent collection. The OC claimed an outstanding amount of Rs. 67,12,057/- as of October 2017, including principal rent (Rs. 44,43,544/-), interest, and maintenance. The OC issued a notice under Section 8 of IBC, 2016, on 27.12.2017 and another on

…

## Issues and analysis

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

**Ratio:** The ratio is that a claim arising from a lease transaction for immovable property does

…

**Reasoning:** The Tribunal relied on its prior order in Jindal Steel & Power Ltd. v. DCM

…

**Interpretation:** The interpretation of Section 5(20) and 5(21) of the IBC, 2016, is that

…

**Application:** In this specific case, the claim arose from a lease agreement for premises at

…

## Parties

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

## Timeline

- **2014-01-28 — Leave and License…**: Registered leave and license agreement entered into between M/s Indsur Global Limited and…
- **2017-10-31 — Outstanding Re…**: Principal Outstanding Rent Amount as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/indiabulls-real-estate-company-pvt-ltd-cp-no-ib-251-nd-2018-686bc08d