# In the matter of Precision Fasteners Ltd. MA 1512-2018 in CP(IB) 1339(MB)-2017

> NCLT judgment dated 2019-05-02. Citation: TCN-2019-NCLT-03563. The case involves an application (MA 1512/2018) filed by the Liquidator in CP 1339/2017,…

- **Court:** NCLT
- **Order date:** 2 May 2019
- **Citation:** TCN-2019-NCLT-03563
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/precision-fasteners-ltd-ma-1512-2018-in-cpib-1339mb-2017-17b1fa69

## Summary

### Background

The case involves an application (MA 1512/2018) filed by the Liquidator in CP 1339/2017, seeking a declaration that the Respondent's occupation of the Corporate Debtor's property is illegal. The Liquidator was appointed on 2018-03-12. The Corporate Debtor owns the property, but the Respondent occupies it. An agreement dated 1983-10-07 assigned rights to the Corporate Debtor. The Liquidator sent a letter on 2018-07-09 to the Corporate Debtor's management regarding the property. The management confirmed the list of properties on 2018-09-05. The Respondent and Corporate Debtor had a leave and license agreement, which ended without extension. The Corporate Debtor lacks a copy of the agreement. The Corporate Debtor requested the Respondent to provide a copy of the rent

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## Facts

The Liquidator filed MA 1512/2018 in CP 1339/2017, seeking a declaration that the Respondent's occupation of the Corporate Debtor's property is illegal. The Liquidator was appointed on 2018-03-12. The Corporate Debtor owns the property, located at office space No.19, Ground Floor at Premise No.8, Camac Street, Kolkata – 700 017, but the Respondent occupies it. An agreement dated 1983-10-07 assigned rights to the Corporate Debtor. The Liquidator sent a letter on 2018-07-09 to the Corporate Debtor's management regarding the property. The management confirmed the list of properties on 2018-09-05. The Respondent and Corporate Debtor had a leave and license agreement, which ended without extension. The Corporate Debtor lacks a copy of the agreement. The Corporate Debtor

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## Issues and analysis

### Issue 1: Whether the occupation of the subject …

**Ratio:** The ratio is based on the termination of the leave and license agreement and the

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**Reasoning:** The court is considering the Liquidator's argument that the leave and license agreement

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**Interpretation:** The interpretation involves determining the legal status of the Respondent's

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

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Asset Reconstructi…
- **Respondents:** Precision…

## Timeline

- **1983-10-07 — Agreement…**: An agreement was made where Pushpa Devi Jain…
- **2009-12-01 — Respondent's Claimed…**: Respondent claims to be a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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