The case involves a dispute over non-vacation/occupation of premises owned by the Appellants by the Respondent (Liquidator for Deltronix India Limited) and non-payment of arrears of rent during the CIRP period. The Appellants are the lawful owners of the premises, which were leased to the Corporate Debtor (Deltronix India Limited) by the Appellants' predecessor in title. The lease commenced on 04.04.2012 and ended on 04.04.2019. The Corporate Debtor defaulted on rent payments from January 2014, and stopped completely from December 2014. The Appellants' predecessor invoked the lease agreement and initiated arbitration, resulting in an award in favor of the Appellants. Execution proceedings were filed, and subsequently, Mr. Tarun Khanna filed a petition under Section 9
…Mr. Tarun Khanna filed a Company Petition (IB)-2963(ND)/2019 under Section 9 of the IBC, 2016, leading to the Corporate Debtor, Deltronix India Limited, being admitted into CIRP on 03.02.2021. The Appellants, Mr. A. Guhan and A.G.S. Sumyuha, are the owners of an industrial building in Kuthambakkam Village, Thiruvallur District, which was leased to Deltronix India Limited. 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 starting January 2014 and ceased payments entirely from December 2014. The Appellants' predecessor in title invoked Clause 21(a) of the Lease Agreement and initiated arbitration, resulting in an award dated 07.09.2016, directing the
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Lease agreement commenced between Mr. KR…
Deltronix India Limited…
The case involves a dispute over non-vacation/occupation of premises owned by the Appellants by the Respondent (Liquidator for Deltronix India Limited) and non-payment of arrears of rent during the CIRP period. The Appellants are the lawful owners of the premises, which were leased to the Corporate Debtor (Deltronix India Limited) by the Appellants' predecessor in title. The lease commenced on 04.04.2012 and ended on 04.04.2019. The Corporate Debtor defaulted on rent payments from January 2014, and stopped completely from December 2014. The Appellants' predecessor invoked the lease agreement and initiated arbitration, resulting in an award in favor of the Appellants. Execution proceedings were filed, and subsequently, Mr. Tarun Khanna filed a petition under Section 9
…Mr. Tarun Khanna filed a Company Petition (IB)-2963(ND)/2019 under Section 9 of the IBC, 2016, leading to the Corporate Debtor, Deltronix India Limited, being admitted into CIRP on 03.02.2021. The Appellants, Mr. A. Guhan and A.G.S. Sumyuha, are the owners of an industrial building in Kuthambakkam Village, Thiruvallur District, which was leased to Deltronix India Limited. 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 starting January 2014 and ceased payments entirely from December 2014. The Appellants' predecessor in title invoked Clause 21(a) of the Lease Agreement and initiated arbitration, resulting in an award dated 07.09.2016, directing the
…Lease agreement commenced between Mr. KR…
Deltronix India Limited…