The case involves an application (I.A. (IBC) No. 519/KB/2022) in a Corporate Insolvency Resolution Process (CIRP) under CP (IB) No.1684/KB/2018. The Resolution Professional (RP) of Incab Industries Limited sought reliefs related to the renewal of lease agreements for land leased to the Corporate Debtor by Tata Iron and Steel Company Ltd. (TATA Steel). The RP argued that the lease renewal is crucial for the resolution of the Corporate Debtor, which has structures and residential quarters on the leased land occupied by over 1000 families of employees/ex-employees. The CIRP was initiated on 07.08.2019, and initially, liquidation was ordered, but this was later quashed by NCLAT, leading to the appointment of a new RP.
Incab Industries Limited is undergoing Corporate Insolvency Resolution Process (CIRP). Pankaj Kumar Tibrewal is the Resolution Professional (RP). TATA Iron and Steel Company Ltd. (TATA Steel) had leased land to Incab Industries. The initial lease agreement was executed on 28.06.1924 for 99 years. Subsequent sub-lease agreements were executed for additional land. The sub-lease agreements expired on 14.07.2019. CIRP commenced on 07.08.2019. TATA Steel directed Incab Industries to handover the land on 15.07.2019. Incab Industries developed its own township on the leased land, including factories, plants, and residential quarters. TATA Steel claimed that Incab Industries breached the lease terms by failing to pay lease rentals. The RP sought renewal of the lease
…Sign in to view the parties.
The first lease agreement was executed between…
The sub-lease agreements for additional areas…
The case involves an application (I.A. (IBC) No. 519/KB/2022) in a Corporate Insolvency Resolution Process (CIRP) under CP (IB) No.1684/KB/2018. The Resolution Professional (RP) of Incab Industries Limited sought reliefs related to the renewal of lease agreements for land leased to the Corporate Debtor by Tata Iron and Steel Company Ltd. (TATA Steel). The RP argued that the lease renewal is crucial for the resolution of the Corporate Debtor, which has structures and residential quarters on the leased land occupied by over 1000 families of employees/ex-employees. The CIRP was initiated on 07.08.2019, and initially, liquidation was ordered, but this was later quashed by NCLAT, leading to the appointment of a new RP.
Incab Industries Limited is undergoing Corporate Insolvency Resolution Process (CIRP). Pankaj Kumar Tibrewal is the Resolution Professional (RP). TATA Iron and Steel Company Ltd. (TATA Steel) had leased land to Incab Industries. The initial lease agreement was executed on 28.06.1924 for 99 years. Subsequent sub-lease agreements were executed for additional land. The sub-lease agreements expired on 14.07.2019. CIRP commenced on 07.08.2019. TATA Steel directed Incab Industries to handover the land on 15.07.2019. Incab Industries developed its own township on the leased land, including factories, plants, and residential quarters. TATA Steel claimed that Incab Industries breached the lease terms by failing to pay lease rentals. The RP sought renewal of the lease
…The first lease agreement was executed between…
The sub-lease agreements for additional areas…