# In the matter of Indus Towers Limited

> NCLT judgment dated 2025-08-08. Citation: TCN-2025-NCLT-01311. Shakti Iron and Steel Company, the Operational Creditor, filed a petition under Section 9 of…

- **Court:** NCLT
- **Order date:** 8 Aug 2025
- **Citation:** TCN-2025-NCLT-01311
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/indus-towers-limited-3ec185ff

## Summary

### Background

Shakti Iron and Steel Company, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against Indus Towers Limited, the Corporate Debtor, due to unpaid operational debt of Rs. 1,26,39,046/- related to a lease agreement.

## Facts

A lease deed was executed between Shakti Iron and Steel Company (Operational Creditor) and Indus Towers Limited (Corporate Debtor) on 14.06.2024.

The lease deed had a lock-in period of two years, i.e., till 13.06.2026.

The Corporate Debtor terminated the lease deed by a notice dated 05.09.2024.

The Operational Creditor claimed unpaid lease rentals for the period from 14.06.2024 to 13.06.2026, amounting to Rs. 1,26,39,046/-.

The Corporate Debtor claimed commercial unviability due to withdrawal of a third party partner.

The Corporate Debtor issued a termination notice on 05.09.2024, prior to any alleged default or demand notice issued by the Operational Creditor.

The Operational Creditor issued a demand notice dated 11.11.2024 under section 8 of the Code.

…

## Issues and analysis

### Issue 1: Whether a pre-existing dispute …

**Ratio:** The existence of a genuine and serious dispute prior to the issuance of the demand notice

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**Reasoning:** The Corporate Debtor's termination notice dated 05.09.2024 and detailed reply dated

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**Interpretation:** The term 'dispute' is interpreted broadly to include any disagreement or

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**Application:** The NCLT applied the principle established in Mobilox Innovations Pvt. Ltd. v.

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## Parties

- **Judges:** KHETRABASI…; KAUSHALENDRA…
- **Appellants:** Shakti Iron and…
- **Respondents:** Indus Towers…
- **Advocates:** Aritra…; Patita Paban…; +4 more

## Timeline

- **2024-06-14 — Lease Deed Ex…**: A lease deed was executed between Shakti Iron…
- **2024-09-05 — Termination…**: Indus Towers Limited issued a…

## 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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