# In the matter of Shrenuj & Company Ltd.

> NCLT judgment dated 2024-05-14. Citation: TCN-2024-NCLT-01361. The case involves an application filed by the liquidator of Shrenuj & Co. Ltd. to direct…

- **Court:** NCLT
- **Order date:** 14 May 2024
- **Citation:** TCN-2024-NCLT-01361
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shrenuj-company-ltd-df8a53d0

## Summary

### Background

The case involves an application filed by the liquidator of Shrenuj & Co. Ltd. to direct Adinath Jewellery Exports (Respondent No. 1) to hand over vacant possession of premises located at Plot No. A-7, MIDC Andheri East Mumbai, admeasuring 6000 sq. ft. The application also seeks to direct Respondent No. 1 to pay outstanding license fees and to direct Rexnord Electronics and Controls Limited (Respondent No. 2), the successful bidder in an e-auction, to pay the balance consideration amount for the purchase of the premises. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and subsequently, a liquidation order was passed. The Leave and License Agreement between the Corporate Debtor and Respondent No. 1 had expired, but the

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## Facts

Respondent No. 1 (Adinath Jewellery Exports) entered into a Leave and License Agreement with the Corporate Debtor (Shrenuj & Co. Ltd.) for premises located at Plot No. A-7, MIDC Andheri East Mumbai, for a period of 3 years from 03.08.2016 to 02.08.2019. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor. The Resolution Professional (RP) extended the Leave and License Agreement from 03.08.2019 to 02.07.2020. A liquidation order was passed on 12.07.2021, and the Applicant was appointed as the liquidator. The Leave and License Agreement expired on 02.07.2020. The Applicant issued a legal notice on 04.01.2022 for vacating the premises and payment of outstanding license fees. Respondent No. 1 paid license fees up to May 2021

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## Issues and analysis

### Issue 1: Whether the NCLT has jurisdiction to entertain the application for eviction, considering Respondent …

**Ratio:** The NCLT has jurisdiction over matters related to insolvency and liquidation proceedings.

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**Reasoning:** The NCLAT's order dated 24.04.2023 clarified that the relationship between the Applicant

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**Interpretation:** The interpretation of the relationship between the parties is crucial for

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**Application:** Since the NCLAT has determined the relationship to be licensor-licensee, the

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Brijendra Kumar…
- **Respondents:** Shrenuj & C…; Adinath Jewellery…

## Timeline

- **2016-08-03 — Leave and License…**: Respondent No. 1 entered into a Leave and License Agreement with the Corporate Debtor for…
- **2019-03-12 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…

## 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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