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TMI Blog2019 (3) TMI 1596X X X X Extracts X X X X X X X X Extracts X X X X ..... ners or without the permission of the Tribunal pending consideration of the CP. The relief mainly sought for in the IA are the following:- (a) The order dated February 14, 2017 be vacated; (b) Stay of all further proceedings pending disposal of the instant application; (c ) Ad Interim order in terms of the prayer above; (d) Such further order/orders and/or direction/directions be given as Your Lordship may deem fit and proper". The CP No. 31/KB/2017 was filed by the respondent in the I.A alleging that the applicant in the IA/ respondents in CP managing the affairs of the Company in a manner oppressive to the Petitioner and prejudicial to the R1 Company. The CP while admitted this Tribunal on 14th February 2017 passed the following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mezzanine Floor of Respondent's Multi Storied B+G+M+6 building located at RAA-36, VIP Road, Raghunathpur, Kolkata 700059. The lease was sought for 12,447 Sq. Ft. commercial space available at the Basement, Ground Floor and Mezzanine floor of the said premises for a period of 15 years commencing from March, 2019 at an agreed monthly rental of Rs. 5,75,425/- payable on 10th day of each month. It was also proposed that possession has to be transferred latest by 15th March, 2019 and the relation can be terminated upon giving six months notice from either side. A copy of said letter of Intent dated 8th January, 2019 received from M/S. Perky General Retail is annexed hereto and marked with the letter 'A-3'. The Ld. Counsel for the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of offer would fetch to the building nothing produced on the side of the applicant to have a prima facie conclusion that the letting is for an unreasonable rent so as to cause loses to the company. Upon hearing on both side and considering the submissions on both sides, I am satisfied that the applicant has sufficiently explained its reason to let out a portion of its building for earning money. In a case of oppression and mismanagement keeping idle a building which would fetch rent would cause hardship to the business interest of the Company. The letting can be terminated by giving 6 month notice on either side. The issues that higher rent would fetch if the vacancy in the building is advertised, that the applicant had fabricated the o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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