Corob India Pvt. Ltd. filed an application seeking various reliefs, including the return of a bank guarantee, refund of a deposit, and recognition as a financial creditor, against Mr. Birendra Kumar Agarwal and Anr. and Renaissance Indus Infra Private Limited, the Corporate Debtor, due to disputes arising from a lease agreement.
A Lease Deed was executed between Corob India Pvt. Ltd. (Applicant) and Renaissance Indus Infra Private Limited (Corporate Debtor) on 12.12.2018 for a period of 10 years commencing from 12.10.2019.
The Lease Agreement stipulated a security deposit, split into two parts: a deposit of Rs. 91,34,304/- (equal to 4 months' rent) and a conditional bank guarantee of Rs. 45,67,152/- (equal to 2 months' rent).
The Lease Deed allowed invocation of the Bank Guarantee or forfeiture of the Deposit Amount only if the Applicant defaulted on monthly lease rent or caused damage to the Leased Premises.
The Corporate Debtor failed to hand over possession of the Leased Premises to the Applicant on the agreed date of 12.10.2019.
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The Applicant and the…
The Corporate Debtor was supposed to handover…
Corob India Pvt. Ltd. filed an application seeking various reliefs, including the return of a bank guarantee, refund of a deposit, and recognition as a financial creditor, against Mr. Birendra Kumar Agarwal and Anr. and Renaissance Indus Infra Private Limited, the Corporate Debtor, due to disputes arising from a lease agreement.
A Lease Deed was executed between Corob India Pvt. Ltd. (Applicant) and Renaissance Indus Infra Private Limited (Corporate Debtor) on 12.12.2018 for a period of 10 years commencing from 12.10.2019.
The Lease Agreement stipulated a security deposit, split into two parts: a deposit of Rs. 91,34,304/- (equal to 4 months' rent) and a conditional bank guarantee of Rs. 45,67,152/- (equal to 2 months' rent).
The Lease Deed allowed invocation of the Bank Guarantee or forfeiture of the Deposit Amount only if the Applicant defaulted on monthly lease rent or caused damage to the Leased Premises.
The Corporate Debtor failed to hand over possession of the Leased Premises to the Applicant on the agreed date of 12.10.2019.
…The Applicant and the…
The Corporate Debtor was supposed to handover…