The case involves a dispute over unpaid rent and vacation of leased premises. The Appellants, owners of an industrial building, leased it to Deltronix India Limited (Corporate Debtor). The Corporate Debtor defaulted on rent payments starting in January 2014, and completely stopped paying in December 2014. The Appellants' predecessor in title terminated the lease agreement in 2015 and initiated arbitration proceedings, which resulted in an award in 2016 in favor of the Appellants. The Appellants then filed execution proceedings. During the pendency of the execution proceedings, CIRP was initiated against the Corporate Debtor. The Appellants filed a claim for unpaid rent with the Resolution Professional (RP), which was partially admitted. The Appellants then filed an
…Mr. Tarun Khanna filed a petition against Deltronix India Limited (Corporate Debtor) under Section 9 of IBC, 2016, leading to the initiation of CIRP on 03.02.2021. The Appellants (Mr. A. Guhan and A.G.S. Sumyuha) are the owners of an industrial building that was leased to the Corporate Debtor. The lease commenced on 04.04.2012 for a term of seven years, ending on 04.04.2019, with a monthly rent of Rs. 21,83,000/-. The Corporate Debtor defaulted on rent payments from January 2014 and stopped completely in December 2014. The Appellants' predecessor in title terminated the lease agreement on 01.05.2015 and initiated arbitration proceedings. An arbitral award was passed on 07.09.2016, directing the Corporate Debtor to pay Rs. 1,26,95,876/- plus monthly damages of Rs.
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Lease agreement commenced between the…
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The case involves a dispute over unpaid rent and vacation of leased premises. The Appellants, owners of an industrial building, leased it to Deltronix India Limited (Corporate Debtor). The Corporate Debtor defaulted on rent payments starting in January 2014, and completely stopped paying in December 2014. The Appellants' predecessor in title terminated the lease agreement in 2015 and initiated arbitration proceedings, which resulted in an award in 2016 in favor of the Appellants. The Appellants then filed execution proceedings. During the pendency of the execution proceedings, CIRP was initiated against the Corporate Debtor. The Appellants filed a claim for unpaid rent with the Resolution Professional (RP), which was partially admitted. The Appellants then filed an
…Mr. Tarun Khanna filed a petition against Deltronix India Limited (Corporate Debtor) under Section 9 of IBC, 2016, leading to the initiation of CIRP on 03.02.2021. The Appellants (Mr. A. Guhan and A.G.S. Sumyuha) are the owners of an industrial building that was leased to the Corporate Debtor. The lease commenced on 04.04.2012 for a term of seven years, ending on 04.04.2019, with a monthly rent of Rs. 21,83,000/-. The Corporate Debtor defaulted on rent payments from January 2014 and stopped completely in December 2014. The Appellants' predecessor in title terminated the lease agreement on 01.05.2015 and initiated arbitration proceedings. An arbitral award was passed on 07.09.2016, directing the Corporate Debtor to pay Rs. 1,26,95,876/- plus monthly damages of Rs.
…Lease agreement commenced between the…
The Corporate…