# In the matter of Jot Impex Pvt. Ltd. (IB)-334(ND)2019

> NCLT judgment dated 2019-05-14. Citation: TCN-2019-NCLT-03307. The case involves an application by M/s. Ambience Commercial Developers Pvt. Ltd., the…

- **Court:** NCLT
- **Order date:** 14 May 2019
- **Citation:** TCN-2019-NCLT-03307
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jot-impex-pvt-ltd-ib-334nd2019-bb8ef479

## Summary

### Background

The case involves an application by M/s. Ambience Commercial Developers Pvt. Ltd., the operational creditor, against M/s. Jot Impex Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor leased commercial space to the corporate debtor, but the corporate debtor failed to pay the monthly license fee, CAM, and electricity charges. Arbitration was initiated, resulting in an award in favor of the operational creditor. The operational creditor repossessed the property and issued a demand notice under Section 8 of the IBC due to unpaid license fee/lease rent. The notice sent via speed post was returned unserved, but the email was successfully delivered.

## Facts

M/s. Ambience Commercial Developers Pvt. Ltd. (operational creditor) leased commercial space in a mall to M/s. Jot Impex Pvt. Ltd. (corporate debtor). The leased unit was UG-14, U.G.F., measuring 1450 sq. ft. The agreed lease rent was Rs. 280 per sq. ft. per month for the first 18 months and Rs. 300 per sq. ft. for subsequent months, with a tenure of three years. The corporate debtor failed to pay monthly license fees, CAM, and electricity charges. Arbitration resulted in an award of Rs. 38,70,398 in favor of the operational creditor. The operational creditor repossessed the property. A demand notice under Section 8 of the IBC was issued, returned unserved via speed post, but successfully delivered via email. The corporate debtor did not appear after notice from the

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## Issues and analysis

### Issue 1: Whether the petitioner's prayer for initiating a Resolution Process of the Corporate Debtor merits …

**Ratio:** The court considered the uncontroverted averments in the petition and the fact that the

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**Reasoning:** The court found that the petitioner's prayer for initiating a Resolution Process of the

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**Interpretation:** The court interpreted the facts to indicate a clear case of default by the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Ina Mal…; SH. V.K. SU…
- **Appellants:** M/s. Ambience…
- **Respondents:** M/s. Jot Impex…

## Timeline

- **N/A — Lease Agr…**: M/s. Ambience Commercial Developers Pvt. Ltd. leased commercial space to M/s. Jot Impex…
- **N/A — Default in P…**: M/s. Jot Impex Pvt. Ltd. failed to pay monthly…

## 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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