The case involves an application (I.A. (IB) No. 1111/KB/2021) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) against Duncans Industries Limited (C.P. (IB) No. 184/KB/2018). The applicant, Ram Ratan Modi, is the Resolution Professional (RP) appointed for the Corporate Debtor. The application seeks direction upon Respondent No. 1, Sammelan Tea and Beverages Private Limited, to hand over possession of two tea estates, Nagaisuree and Kilcott, to the RP. The RP argues that Respondent No. 1 took possession of the tea estates after the insolvency commencement date, violating Section 14 of the Insolvency and Bankruptcy Code (IBC). Respondent No. 1 claims the leases for the tea estates had expired and the estates are owned by the Government of West Bengal,
…1. The Corporate Insolvency Resolution Process (CIRP) was initiated against Duncans Industries Limited on 05.03.2020.
2. Ram Ratan Modi was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).
3. Respondent No. 1, Sammelan Tea and Beverages Private Limited, took possession of the Nagaisuree and Kilcott Tea Estates on 02.11.2021.
4. The lease for Kilcott Tea Estate was executed on 22.01.1973 for a period of thirty years commencing from 04.08.1963, and an indenture of lease was executed on 15.11.1995 for a term of thirty years on and from 24.08.1995.
5. The Nagaisuree Tea Garden was leased to Birpara Tea Company Limited, which merged with the Corporate Debtor, for thirty years, which expired on 20.10.2002.
6. Killcott
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Corporate Insolvency Resolution Process (CIRP)…
Sammelan Tea and Beverages Private Limited took…
The case involves an application (I.A. (IB) No. 1111/KB/2021) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) against Duncans Industries Limited (C.P. (IB) No. 184/KB/2018). The applicant, Ram Ratan Modi, is the Resolution Professional (RP) appointed for the Corporate Debtor. The application seeks direction upon Respondent No. 1, Sammelan Tea and Beverages Private Limited, to hand over possession of two tea estates, Nagaisuree and Kilcott, to the RP. The RP argues that Respondent No. 1 took possession of the tea estates after the insolvency commencement date, violating Section 14 of the Insolvency and Bankruptcy Code (IBC). Respondent No. 1 claims the leases for the tea estates had expired and the estates are owned by the Government of West Bengal,
…1. The Corporate Insolvency Resolution Process (CIRP) was initiated against Duncans Industries Limited on 05.03.2020.
2. Ram Ratan Modi was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).
3. Respondent No. 1, Sammelan Tea and Beverages Private Limited, took possession of the Nagaisuree and Kilcott Tea Estates on 02.11.2021.
4. The lease for Kilcott Tea Estate was executed on 22.01.1973 for a period of thirty years commencing from 04.08.1963, and an indenture of lease was executed on 15.11.1995 for a term of thirty years on and from 24.08.1995.
5. The Nagaisuree Tea Garden was leased to Birpara Tea Company Limited, which merged with the Corporate Debtor, for thirty years, which expired on 20.10.2002.
6. Killcott
Corporate Insolvency Resolution Process (CIRP)…
Sammelan Tea and Beverages Private Limited took…