The case involves an application filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Shree Vaishnav Casting Pvt. Ltd., seeking to quash a notice issued by Maharashtra Industrial Development Corporation Limited (MIDC) for termination of a lease agreement and repossession of land allotted to the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 11.03.2019, and the RP was appointed on 10.05.2019. The MIDC issued a show cause notice on 01.11.2018, prior to the CIRP, for violating the lease conditions, specifically the failure to complete construction within the stipulated time. The RP argues that the MIDC's actions violate the moratorium under
…1. The Corporate Debtor, Shree Vaishnav Casting Private Limited, was undergoing Corporate Insolvency Resolution Process (CIRP) initiated on 11.03.2019.
2. Santanu T. Ray was appointed as the Resolution Professional (RP).
3. Maharashtra Industrial Development Corporation Limited (MIDC) had leased an industrial plot (B-11) in the Dindori Industrial Area to the Corporate Debtor for 95 years from 21.01.2015.
4. The lease deed, dated 12.05.2015, stipulated that the Corporate Debtor should complete construction of at least 8,224 sq. mtrs by 19.01.2017.
5. The Corporate Debtor availed financial facilities from Dewan Housing Finance Corporation Limited (DHFCL) aggregating to Rs.7,22,80,214 against the security of the leasehold land.
6. A tripartite agreement dated 26.05.2015 was
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MIDC leased an…
Lease Deed dated 12.05.2015 provided that…
The case involves an application filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Shree Vaishnav Casting Pvt. Ltd., seeking to quash a notice issued by Maharashtra Industrial Development Corporation Limited (MIDC) for termination of a lease agreement and repossession of land allotted to the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 11.03.2019, and the RP was appointed on 10.05.2019. The MIDC issued a show cause notice on 01.11.2018, prior to the CIRP, for violating the lease conditions, specifically the failure to complete construction within the stipulated time. The RP argues that the MIDC's actions violate the moratorium under
…1. The Corporate Debtor, Shree Vaishnav Casting Private Limited, was undergoing Corporate Insolvency Resolution Process (CIRP) initiated on 11.03.2019.
2. Santanu T. Ray was appointed as the Resolution Professional (RP).
3. Maharashtra Industrial Development Corporation Limited (MIDC) had leased an industrial plot (B-11) in the Dindori Industrial Area to the Corporate Debtor for 95 years from 21.01.2015.
4. The lease deed, dated 12.05.2015, stipulated that the Corporate Debtor should complete construction of at least 8,224 sq. mtrs by 19.01.2017.
5. The Corporate Debtor availed financial facilities from Dewan Housing Finance Corporation Limited (DHFCL) aggregating to Rs.7,22,80,214 against the security of the leasehold land.
6. A tripartite agreement dated 26.05.2015 was
MIDC leased an…
Lease Deed dated 12.05.2015 provided that…