# In the matter of M K Overseas Private Ltd. IA 4520 (ND)-2021 in C.P. (IB) No. 1731 of 2019

> NCLT judgment dated 2023-04-27. Citation: TCN-2023-NCLT-03609. The case involves an application (IA No. 4520 of 2021) filed by MK Overseas Exports Pvt. Ltd.,…

- **Court:** NCLT
- **Order date:** 27 Apr 2023
- **Citation:** TCN-2023-NCLT-03609
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/m-k-overseas-private-ltd-ia-4520-nd-2021-in-cp-ib-no-1731-of-2019-47143b2f

## Summary

### Background

The case involves an application (IA No. 4520 of 2021) filed by MK Overseas Exports Pvt. Ltd., a lessee of Corporate Debtor MK Overseas Pvt. Ltd., seeking extension/renewal of a lease deed for a property in Punjab. The lease deed was effective from 2018-11-01 and expired on 2021-09-30. The applicant requested the Resolution Professional (RP) of the Corporate Debtor to renew the lease for an integrated abattoir-cum-meat processing plant. The RP stated that the resolution plan had been approved by the Committee of Creditors (CoC) and a CoC meeting for lease renewal was not possible.

## Facts

MK Overseas Exports Pvt. Ltd. filed an application (IA No. 4520 of 2021) as a lessee of Corporate Debtor MK Overseas Pvt. Ltd. seeking extension/renewal of a lease deed for property located in Punjab. The lease deed was effective from 2018-11-01 and expired on 2021-09-30. The applicant requested the Resolution Professional (RP) of the Corporate Debtor to renew the lease for an integrated abattoir-cum-meat processing plant. The RP stated that the resolution plan had been approved by the Committee of Creditors (CoC) and a CoC meeting for lease renewal was not possible. The RP argued that the lease deed was a sham document and payments were made to ex-directors of the Corporate Debtor. The applicant contended that they had invested 4.5 Crores in the project. The

…

## Issues and analysis

### Issue 1: Whether the application for extension/renewal of the lease deed filed by MK Overseas Exports Pvt. …

**Ratio:** An application becomes infructuous when the circumstances that prompted its filing no

…

**Reasoning:** The court reasoned that the application for extending/renewing the lease had become

…

**Interpretation:** The court interpreted the situation as one where the passage of time rendered

…

**Application:** The ratio was applied to the fact that more than six months had elapsed since

…

## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** Mayoga Investment…
- **Respondents:** MK Overseas…; M/s. MK Overseas…
- **Advocates:** Anoop Prakash…; Kumar M…

## Timeline

- **2018-10-18 — Lease Dee…**: Lease Deed was executed between MK Overseas…
- **2018-11-01 — Lease Deed Effective…**: Lease Deed became…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/m-k-overseas-private-ltd-ia-4520-nd-2021-in-cp-ib-no-1731-of-2019-47143b2f