# In the matter of Renaissance Indus Infra Private Limited

> NCLT judgment dated 2024-03-01. Citation: TCN-2024-NCLT-02267. The applicant, Corob India Pvt. Ltd., filed an application seeking various reliefs, including…

- **Court:** NCLT
- **Order date:** 1 Mar 2024
- **Citation:** TCN-2024-NCLT-02267
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/renaissance-indus-infra-private-limited-12318dfe

## Summary

### Background

The applicant, Corob India Pvt. Ltd., filed an application seeking various reliefs, including the return of a bank guarantee and a refund of a security deposit, or alternatively, to be admitted as a financial creditor. This arose from a Lease Deed executed with the Corporate Debtor, Renaissance Indus Infra Private Limited, for which the Corporate Debtor failed to hand over possession of the leased premises.

## Facts

The Applicant, Corob India Pvt. Ltd., and the Corporate Debtor, Renaissance Indus Infra Private Limited, executed a Lease Deed on December 12, 2018, for a period of 10 years, commencing October 12, 2019. The leased premises were Unit Nos. 001 to 010 of Pre-Engineered Building no. WA-X in the Renaissance Industrial Smart City at Village Vashere, Taluka Bhiwandi, Thane District. The Lease Agreement stipulated a security deposit split into two parts: Rs. 91,34,304/- as a deposit (equivalent to 4 months' rent) and a conditional Bank Guarantee for Rs. 45,67,152/- (equivalent to 2 months' rent). The Lease Deed specified that the Bank Guarantee or forfeiture of the Deposit Amount could only be invoked if the Applicant defaulted in paying monthly lease rent or caused damage to

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## Issues and analysis

### Issue 1: Whether the security deposit paid by the Applicant to the Corporate Debtor constitutes a financial …

**Ratio:** A security deposit, even with a stipulated interest rate for delayed refund, does not

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**Reasoning:** The Tribunal found that the security deposit, despite being demanded 10 months prior to

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**Interpretation:** The Tribunal interpreted the definition of 'financial debt' under the

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**Application:** Given the absence of time value of money and commercial effect of borrowing,

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** COROB INDIA PVT.…; Catalyst Trusteesh…
- **Respondents:** Renaissance Indus…; Birendra Kumar…
- **Advocates:** For the Applicant:…; For the Respondent…

## Timeline

- **December 12, 2018 — Lease Deed Ex…**: Applicant and Corporate Debtor…
- **October 12, 2019 — Lease Commence…**: Corporate Debtor failed to hand…

## 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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