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TMI Blog2021 (4) TMI 1305X X X X Extracts X X X X X X X X Extracts X X X X ..... immediately from the insolvency commencement date which is defined under Section 5(12), and the same lasts till the completion of the Corporate Insolvency Resolution Process (CIRP). Under Section 12 of IBC, 2016 the time limit for completion of CIRP is provided as 180 days from the date of admission of application to initiate such process which can be extended for a further period not exceeding 90 days but has to be mandatorily completed within a period of 330 days from the insolvency commencement date including the period of judicial intervention. As to the facts of the present case, it is seen that this Tribunal vide order dated 06.08.2020 has extended the CIRP period of the Corporate Debtor by 150 days including the exclusion of the periods lost due to the lockdowns imposed by the Central / State Governments. Seeking direction to Respondent to pay the Applicants a sum of ₹ 99,12,000/- plus GST for 12 months, plus future rent at ₹ 7,00,000/- plus GST until handing over of the possession of the leased property - HELD THAT:- Eventhough the amount as claimed by the Applicants, for the period of moratorium, has not been paid in full, the Respondent has paid certain s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... initiated by this Tribunal on 21.04.2017, which was stayed by the Hon ble High Court of Madras on 04.05.2017 and subsequently the said stay was vacated by the Hon ble High Court of Madras on 05.09.2019. Thereafter, the CIRP of the Corporate Debtor was revived on 03.10.2019 and pursuant to the same, the Respondent has caused public announcement on 04.10.2019. 3. The Learned Counsel for the Applicants submitted that they are the absolute owners of the property bearing Door No. 342, 80 feet Road, Madurai 625 020 and the Corporate Debtor is in the business of operating eye and dental care clinics and had approached the Applicants seeking to take on lease the property of the Applicants for running its eye hospital and accordingly a lease deed was entered into by the parties on 18.01.2009 which was extended vide lease agreement dated 12.03.2016 for a further period of 3 years. It was submitted that as per the said lease agreement, the Corporate Debtor should pay a monthly rent amount of ₹ 5,00,000/- (Rupees Five Lakh) per month with escalation of ₹ 1,00,000/- every year i.e. from February 2017 to ₹ 6,00,000/- (Rupees Six Lakh) and from February 2018 to ₹ 7, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce in terms of Section 14 of the Code with effect from 03.10.2019. 6. The Learned Counsel for the Applicants submitted that in accordance with the provisions of the code, the Applicants are in the process of filing their claims for the arrears of rent due from the Corporate Debtor for the period prior to moratorium i.e. prior to 03.10.2019, however the present Application had been preferred by the Applicants seeking directions to pay the rent for the period occupied by the Respondent during the moratorium i.e. from 03.10.2019 and also sought for a relief pertaining to eviction of the Corporate Debtor from the leased property. 7. The Respondent has filed counter and the Learned Counsel for the Respondent submitted that it is false on the part of the Applicants to state that the Respondent has defaulted in payment of a sum of ₹ 1,50,11,000/- towards the monthly rental due, since the Respondents have paid certain amounts to the Applicants herein for the periods until September 2020 apart from future rentals owned from the Corporate Debtor. Further, it was submitted that as per Section 14(1)(d) of IBC, 2016 the Applicants cannot seek for the recovery of possession of an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reduce. 11. The Learned Counsel for the Respondent submitted that the particular center where the Applicants have let out the premises, based on the revenue generated, an average of 50% of rental dues payable were being paid regularly till March 2020 and thereafter even in July 2020 part payments were made, however the amount which was transferred to accounts of the Applicants bank has been returned since the Applicants have not divulged the bank account details to the Respondent. 12. Further, it was submitted by the Learned Counsel for the Respondent that the Applicants are precluded by means of well established law of evicting the Corporate Debtor from the premises occupied by it during the subsistence of the period of moratorium, even if the said premises belong to another owner / lessor, etc and also it was submitted that the Applicants cannot approach this Tribunal for seeking the relief of eviction of the persons from the premises. Hence, it was submitted that the present application deserves to be rejected. 13. Heard the submissions made by the Learned Counsel for both the parties and perused the file including the documents placed on record. The Applicants ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating Authority approves the resolution plan under subsection (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. 17. A bare reading of the above extracted provision reveals the fact that the order of moratorium takes effect immediately from the insolvency commencement date which is defined under Section 5(12), and the same lasts till the completion of the Corporate Insolvency Resolution Process (CIRP). Under Section 12 of IBC, 2016 the time limit for completion of CIRP is provided as 180 days from the date of admission of application to initiate such process which can be extended for a further period not exceeding 90 days but has to be mandatorily completed within a period of 330 days from the insolvency commencement date including the period of judicial intervention. As to the facts of the present case, it is seen that this Tribunal vide order dated 06.08.2020 has extended the CIRP period of the Corporate Debtor by 150 days including the exclusion of the periods lost due to the lockdowns imposed by the Central / State Gov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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