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TMI Blog2022 (9) TMI 1295X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 25.04.2022 passed by National Company Law Tribunal, Kolkata Bench, Kolkata in IA No.48/KB/2022 filed by the then Interim Resolution Professional ("IRP"), Shri Kuldeep Verma. The Appellant, who claims to be in possession of an asset of immovable property belonging to the Corporate Debtor, aggrieved by impugned order, by which direction was issued to handover possession, has come up in this Appeal. 2. Brief facts of the case for deciding this Appeal are: (i) An Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the "Code") was filed by the ICICI Bank Limited against Stone India Limited ("Corporate Debtor"), which Application was admitted by the Adjudicating Authority vide its order dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19 executed by the Corporate Debtor. The Appellant had earlier obtained Agreement to Sell dated 20.08.2019 for land measuring 8 Bigha 02 Biswas land situated at Tehsil Baddi, District-Salon, Himachal Pradesh. An amount of Rs.5,00,000/- was paid as earnest money. Agreement contemplated that physical possession shall be handed over to the purchaser at the time of execution and registration of Sale Deed. Further, the Appellant has made payment of an amount of Rs.17.95 lakhs to the vendors of the Corporate Debtor. It is further noticed that the Licensor failed to obtain No Objection Certificate ("NOC") and confirmation of release of original documents of the premises from two Banks within a period of 90 days from the date of signing of the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erused the record. 7. The Agreement to Sell, which is relied by the Appellant dated 30.12.2019 contemplated sale of the immovable property of the Corporate Debtor for a consideration of Rs.1.70 crores. In the Agreement, the Appellant claimed to have paid Rs.30 lakhs. There is no proof by the Appellant for making payment of balance amount of Rs.1.40 crores. The Leave and License Agreement, which is relied by the Appellant dated 30.12.2019 is an unregistered document, where the Corporate Debtor claims to have granted the permission to the Licensee to occupy the property together with building till the time Licensor and Licensee execute the Sale Deed. Clause 2 of the Agreement, which is relevant provides: "2. That it is agreed by and between ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Adjudicating Authority has no jurisdiction to entertain the Application, i.e., IA No.48/KB/2022 nor has jurisdiction to pass any order. The Leave and License Agreement under which the Appellant is occupying the assets could not have been cancelled by the Adjudicating Authority, nor the Leave and License could be disregarded by the Adjudicating Authority by directing the Resolution Professional to take possession of the assets. 10. The learned Counsel for the Appellant has relied on the judgment of the Hon'ble Supreme Court in Embassy Property Developments Private Limited vs. State of Karnataka and Others - (2020) 13 SCC 308. In the case before the Hon'ble Supreme Court the Corporate Debtor held a mining lease granted by Government of Kar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Hon'ble Supreme Court. In the above background Hon'ble Supreme Court in the above case held that the Adjudicating Authority had no jurisdiction to pass the impugned direction. In paragraph 46, the Hon'ble Supreme Court recorded its conclusion in following words: "46. Therefore, in fine, our answer to the first question would be that NCLT did not have jurisdiction to entertain an application against the Government of Karnataka for a direction to execute supplemental lease deeds for the extension of the mining lease. Since NCLT chose to exercise a jurisdiction not vested in it in law, the High Court of Karnataka was justified in entertaining the writ petition, on the basis that NCLT was coram non judice." 11. The judgment of the Embas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e registration of 1 [documents], and is made on account of natural love and affection between parties standing in a near relation to each other; or unless (2) it is a promise to compensate, wholly or in part, a person who has already voluntarily done something for the promisor, or something which the promisor was legally compellable to do; or unless; (3) it is a promise, made in writing and signed by the person to be charged therewith, or by his agent generally or specially authorized in that behalf, to pay wholly or in part a debt of which the creditor might have enforced payment but for the law for the limitation of suits. In any of these cases, such an agreement is a contract. Explanation 1.-Nothing in this section shall affect t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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