# In the matter of Brick Eagle Group Private Limited C.P.(IB)-1845(MB)-2019

> NCLT judgment dated 2022-05-12. Citation: TCN-2022-NCLT-04816. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 12 May 2022
- **Citation:** TCN-2022-NCLT-04816
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/brick-eagle-group-private-limited-cpib-1845mb-2019-0bb9e420

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Indiabulls Properties Private Limited (Operational Creditor) against Brick Eagle Group Private Limited (Corporate Debtor) for default in repaying ₹3,60,88,598 plus interest.

## Facts

Indiabulls Properties Private Limited filed an application under Section 9 of the IBC against Brick Eagle Group Private Limited.

The application was filed due to a default of ₹3,60,88,598 plus interest.

Brick Eagle Group Private Limited entered into a leave and license agreement with Indiabulls Properties Private Limited on 03.08.2017.

The Corporate Debtor defaulted on paying license fees as per the agreement.

The Operational Creditor issued a Section 8 notice to the Corporate Debtor on 23.10.2018.

The Corporate Debtor did not reply to the Section 8 notice and was set ex-parte.

The Petitioner developed the building as an Information Technology Park (I.T. Park) in accordance with the provisions of IT and ITES Policy 2003.

## Issues and analysis

### Issue 1: Whether dues arising from the 'Leave and Licence …

**Ratio:** The NCLT relied on a similar issue considered by the NCLAT in the matter of “Anup Sushil

…

**Reasoning:** The Tribunal is of the earnest opinion that the subject lease rentals arising out of use

…

**Interpretation:** The dues claimed by the First Respondent in the subject matter and issue,

…

**Application:** The bench concluded that the debt and default arising out of the license

…

## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Indiabulls…
- **Respondents:** Brick Eagle Group…
- **Other parties:** Sandeep Jawaharlal…

## Timeline

- **2019-01-25 — Board Resolut…**: Board Resolution dated 25.01.2019 for…
- **2017-08-03 — Leave and Licence…**: Corporate Debtor entered into a registered leave and licence agreement with the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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