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2022 (7) TMI 99 - Tri - Insolvency and BankruptcySeeking eviction of T-RMC Private Limited from the land/premises of the Corporate Debtor - seeking eviction on the ground that the Corporate Debtor had entered into purported tenancy agreements in favour of T-RMC at a grossly undervalued monthly rent of Rs.55,000/- to defraud the secured creditors and to create third party interest after issuance of Notice under SARFAESI by the Secured Credito r - HELD THAT - It is ordered that the T-RMC Private Limited and other entities, if there be any, is directed to remove its establishment along with all its employees, staffs, officers, workmen engaged by them including all its machineries from the subject land/ premises of CEPL within 30 days from the date of approval of the Resolution Plan and handover vacant peaceful possession of the land/premises to the Resolution Applicant - It is further directed that the Resolution Applicant shall not be in any manner liable to take any responsibility and/or liability in respect of the said T-RMC including its suppliers / contractors / vendors / employees / workers / staffs or any other entities whatsoever. It is further directed that the Resolution Applicant shall not be in any manner liable to take any responsibility and/or liability in respect of the said T-RMC including its suppliers / contractors / vendors / employees / workers / staffs or any other entities whatsoever. Though the Valuation Report shows that the fair rent for the subject land/premises of the Corporate Debtor should be Rs.4.85 lakh but for the ends of justice, it is ordered that the said T-RMC shall make a further payment to the Corporate Debtor at the rate of Rs.2,00,000/- per month to be calculated from the date of creation of such tenancy in its favour till the date of handing over peaceful vacant possession of the land to the Resolution Applicant within the period stipulated above. In the event of failure to make such payment within the stipulated period, the Corporate Debtor and/or the Resolution Applicant shall be at liberty to claim and realise mesne profit from T-RMC at such rate as may be reasonably decided by the Corporate Debtor and/or the Resolution Applicant. Application allowed. Though the Valuation Report shows that the fair rent for the subject land/premises of the Corporate Debtor should be Rs.4.85 lakh but for the ends of justice, it is ordered that the said T-RMC shall make a further payment to the Corporate Debtor at the rate of Rs.2,00,000/- per month to be calculated from the date of creation of such tenancy in its favour till the date of handing over peaceful vacant possession of the land to the Resolution Applicant within the period stipulated - application allowed.
Issues Involved:
1. Validity of the tenancy agreement between the Corporate Debtor and T-RMC Private Limited. 2. Eviction of T-RMC Private Limited from the Corporate Debtor's land. 3. Payment of fair rent and benefits received by T-RMC Private Limited. 4. Compliance with the CIRP regulations and timelines. 5. Request for access to all Resolution Plans by a stakeholder. Issue-wise Detailed Analysis: 1. Validity of the tenancy agreement between the Corporate Debtor and T-RMC Private Limited: The Resolution Professional (RP) filed applications under sections 45 and 49 of the Insolvency and Bankruptcy Code, 2016 (IBC) to declare the tenancy agreement dated 26.07.2019 between the Corporate Debtor (CD) and T-RMC Private Limited as void. The RP argued that the agreement was created to defraud the secured creditors by undervaluing the rent and creating third-party interest after the issuance of a notice under SARFAESI by the Secured Creditor. The RP highlighted that the agreement was unstamped, unregistered, and executed after the initiation of insolvency proceedings, thus violating Section 13(13) of the SARFAESI Act. 2. Eviction of T-RMC Private Limited from the Corporate Debtor's land: The RP sought an order directing T-RMC to vacate the land and hand over possession to the Corporate Debtor. The tribunal ordered T-RMC and any other entities to remove their establishment, employees, and machinery from the subject land within 30 days from the date of approval of the Resolution Plan. The tribunal also directed the local district administration and police authorities to assist in the eviction process if T-RMC failed to comply. 3. Payment of fair rent and benefits received by T-RMC Private Limited: The RP argued that the fair rent for the land should be Rs. 4.85 lakhs per month, whereas the rent charged was only Rs. 55,000 per month, resulting in an undervalued transaction. The tribunal ordered T-RMC to pay Rs. 2,00,000 per month from the date of creation of the tenancy until the handover of possession. In case of non-payment, the Corporate Debtor or the Resolution Applicant could claim and realize mesne profit from T-RMC. 4. Compliance with the CIRP regulations and timelines: T-RMC contended that the applications were filed beyond the timelines stipulated under Regulation 35A of the CIRP Regulations. However, the tribunal held that the timelines under Regulation 35A are directory and not mandatory, and the applications were maintainable. The tribunal relied on various judgments to support this view. 5. Request for access to all Resolution Plans by a stakeholder: An application was filed by a stakeholder seeking access to all Resolution Plans submitted by prospective resolution applicants. The Resolution Professional refused to provide the copies, stating that the plans were already placed before the Committee of Creditors (CoC) and a Resolution Plan had been approved. The tribunal dismissed the application as infructuous, noting that the Resolution Plan had already been approved by the CoC and the tribunal. Conclusion: The tribunal allowed the RP's applications, declaring the tenancy agreement void and ordering the eviction of T-RMC from the Corporate Debtor's land. T-RMC was directed to pay additional rent and vacate the premises within the stipulated period. The tribunal dismissed the stakeholder's application for access to Resolution Plans as the plan had already been approved. The order was signed on 29th June 2022.
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