# In the matter of Renaissance Indus Infra Private Limited I.A. No. 3878 of 2023 in C.P. No. 979 of 2022

> NCLT judgment dated 2022-06-30. Citation: TCN-2022-NCLT-04628. Corob India Pvt. Ltd. filed an application seeking various reliefs, including the return of a…

- **Court:** NCLT
- **Order date:** 30 Jun 2022
- **Citation:** TCN-2022-NCLT-04628
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/renaissance-indus-infra-private-limited-ia-no-3878-of-2023-in-cp-no-979-of-2022-768e51b8

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Applicant can be classified as a Financial Creditor based on the security deposit …

**Ratio:** The tribunal held that the Applicant cannot

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**Reasoning:** The tribunal reasoned that the security deposit, although given on the basis of a Lease

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**Interpretation:** The tribunal interpreted that the deposit was not akin to an underlying Sale

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**Application:** The tribunal applied this reasoning to the facts of the case, noting that the

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** COROB INDIA PVT.…
- **Respondents:** Renaissance Indus…; Birendra Kumar…
- **Other parties:** Catalyst Trusteesh…
- **Advocates:** Manas K…; KunalKa…

## Timeline

- **2018-12-12 — Lease Deed Ex…**: The Applicant and the Corporate…
- **2019-10-12 — Lease Commence…**: The Corporate Debtor was supposed to handover the possession of the Leased Premises to…

## 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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