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TMI Blog2022 (9) TMI 628X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditors that Delhi Metro Railway Corporation (DMRC) had entered into a Concession Agreement dated April 1, 2010 with Pratibha Industries Limited (PIL/Concessionaire), wherein PIL was awarded concession by DMRC for 30 years to design, develop and maintain integrated parking complex and concession the use of build-up spaces 8s facilities (the Concession Agreement) for specified purposes. b. It is submitted that the Concessionaire formed a 100% owned subsidiary for the execution of work under the said Concession Agreement, viz M/s. Prime Infra Park Private Limited, and informed DMRC of the same vide letter bearing reference no. PIPL/DMRC/033 dated 06.04.2010, whereupon DMRC consented the request of PIL vide its letter no. DMRC/PD/AM1/NDRS/V5 dated 21.6.2010 addressed to the Concessionaire. Thereafter, M/s. Prime Infra Park Private Limited (PIPL) developed a Complex, known as Konnectus Tower, Bhavbhuti Marg, opposite Ajmeri Gate Railway station side, near Minto Bridge, New Delhi which consists of multiple office units (the 'Project Facility') c. It is further submitted that as per clause 2.3.1 of said Concession Agreement PIL was entitled to sub-licence office units with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... immediately proceeded for execution and registration of the sublicense agreement with HDFC ERGO on 19th July, 2017 and obtained 50% of the hefty refundable security deposit amounting to Rs. 27,10,656/- and also did not pay their share of stamp duty and registration charges amounting Rs. 373,600/- thereon. Thus, due to material default on the part on the part of PPIL, DMRC terminated the Concession Agreement on 1st September, 2017, as a result of which the sub-license agreement with HDFC ERGO also stood terminated on the same day. g. It is further stated that, HDFC ERGO issued a notice dated 27.12.2017 demanding refund of the security deposit and the proportionate share of the expenses incurred towards registration of the Sub-license Agreement. However, there was no response to the same. Again, HDFC ERGO sent an e-mail reminder dated January 28, 2018 asking PIPL and PIL to respond to the aforementioned notice. The email reminder was followed by a letter reminder dated 4 April, 2018. However, neither any response was received nor any action was taken by PIL and PIPL to settle the matter. Operational creditor issued a demand notice dated July 31, 2018 to Prime Infra Park Private Li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icensing agreement dated 19.07.2017 with the Corporate Debtor who was a licence-holder of the property namely, Tower-2, office no. 702/B, Konnectus Bhavbhuti Marg. B) According to the terms of this agreement, the applicant had to pay a sum of Rs. 27,10,656/- 50% of the security deposit i.e. Rs. 54,21,312/- as an advance refundable at the end of the sub-license period. C) The sub licensing agreement could not be performed on behalf of the Corporate Debtor as it's licence itself was terminated by DMRC due to breach of their agreement. D) The applicant made a demand for refund of the aforesaid around of security deposit, which the Corporate Debtor failed to pay. 8. It is advantageous at this juncture to refer to the recent decision of the Hon'ble NCLAT in the matter of "Vibrus Homes Pvt. Ltd. v. Ashimara Housing Pvt. Ltd." Company Appeal (AT) (Insolvency) No. 80 of 2022 wherein it has been laid down that an interest free security deposit received in respect of a lease or licence transaction with regard to an immovable property will qualify as an operational debt under IBC. The relevant portions of the decision is reproduced below:- 5. Clause 5 of the Agreement on whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ency professional from the IBBI list as IRP. Accordingly, this Adjudicating Authority appoints Mr. Santanu Kumar Samanta having Regn. No. - IBBI/IPA-001/IP-P02324/2020-21/13511 (Email ID [email protected]) as IRP from IBBI list. Consent and valid AoA of the IRP must be filed within three days of passing this order. The said IRP is directed to take charge of the Respondent Corporate Debtor's management immediately. He is also directed to cause public announcement under section 15 of the IBC, 2016, within three days from date of receiving the copy of this order and call for submissions of claim in the manner as prescribed. 12. The moratorium is declared which shall have effect from the date of this order till the completion of CIRP, for the purposes referred to in section 14 of the IBC, 2016. It is ordered to prohibit all the following, namely: a. The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the Corporate Debtor's assets or any leg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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