# In the matter of Ispat Profiles India Limited I.A. No. 606 of 2020 in CP (IB) No. 1400-KB-2018

> NCLT judgment dated 2022-04-05. Citation: TCN-2022-NCLT-03381. The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 5 Apr 2022
- **Citation:** TCN-2022-NCLT-03381
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ispat-profiles-india-limited-ia-no-606-of-2020-in-cp-ib-no-1400-kb-2018-9d41a5e3

## Summary

### Background

The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Section 25 of the same code and Regulation 30 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application was filed by Rajiv Kumar Agarwal, the Resolution Professional of Ispat Profiles India Limited, seeking directions to the respondent, Bharat Sanchar Nigam Limited (BSNL), to deliver vacant possession of a property owned by Ispat Profiles India Limited. The property, located in Koregaon, Pune, was leased to BSNL, and the applicant sought the court's intervention to facilitate the Corporate Insolvency Resolution Process (CIRP).

## Facts

Ispat Profiles India Limited is undergoing Corporate Insolvency Resolution Process (CIRP). Rajiv Kumar Agarwal is the Resolution Professional (RP). Ispat Profiles India Limited owns a property in Koregaon, Pune, consisting of land and a single-story building. This property was leased to Bharat Sanchar Nigam Limited (BSNL). The lease agreement expired in 2012, according to the RP. The RP issued notices to BSNL to vacate the property. BSNL claims the lease is still valid, citing continuous rent payments and an extension clause. BSNL has been operating a telephone exchange on the property since 1989. The last lease agreement was executed in 2008 and was valid until 31.12.2012. The lessor demanded an increase in rates, and the lessee offered an enhanced rate of Rs. 13225/-

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## Issues and analysis

### Issue 1: Whether the NCLT has jurisdiction to entertain the application under Section 60(5) of the …

**Ratio:** Section 238 of the Insolvency and Bankruptcy Code (IBC) provides that the provisions of

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**Reasoning:** The NCLT relied on the decision of the NCLT Mumbai Bench in Pravi Blaggan & Ors v.

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**Interpretation:** Section 60(5) read with Section 238 of the IBC grants the NCLT jurisdiction

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**Application:** The NCLT determined that it had jurisdiction to hear the application, despite

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Rajiv Kumar…
- **Respondents:** Ispat Profiles…; Bharat Sanchar…

## Timeline

- **2019-11-28 — Appointment of…**: Rajiv Kumar Agarwal was appointed as the Resolution Professional of Ispat Profiles…
- **2020-02-25 — Legal Notice for…**: The Lessor issued a legal notice for peaceful vacation of the leased premises at Koregaon…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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