Cancellation of lease deed by NOIDA did not confer the Corporate ...

Lease cancellation by NOIDA: Corporate Debtor not a "tenant holding over", plot rightly excluded from CIRP.

Case Laws IBC

September 20, 2024

Cancellation of lease deed by NOIDA did not confer the Corporate Debtor the status of a tenant holding over within Section 116 of the Transfer of Property Act, 1882. NOIDA never assented to the Corporate Debtor's continued possession after cancellation. The Supreme Court's judgment in Nand Ram case clarified that after lease expiry, the lessee's status is a tenant at sufferance, not a tenant holding over, unless the landlord assents to continued possession, creating a new tenancy. NOIDA's mere acceptance of the Corporate Debtor's request for lease restoration did not revive the terminated lease or confer any rights u/s 116. The plot was rightly excluded from the Corporate Insolvency Resolution Process. As a development authority, NOIDA is obligated to monitor project implementation, take proactive steps, and protect homebuyers' interests as unsecured financial creditors under statutory provisions. NOIDA can cancel leases, resume sites, and forfeit payments for breaches by lessees. The NCLAT upheld the adjudicating authority's order excluding the plot from CIRP and rejected the resolution plan approval application.

View Source

← Previous Next →

Cancellation of lease deed by NOIDA did not confer the Corporate ...

Lease cancellation by NOIDA: Corporate Debtor not a "tenant holding over", plot rightly excluded from CIRP.

Case Laws IBC

September 20, 2024

You may also like:

Cancellation of lease granted earlier, after initiation of CIRP - After CIRP is over, it shall be open for the Appellant to deal with the lease land which was leased to...

CIRP - Removal of the Leasehold Land from the pull of Assets of the Corporate Debtor - right to terminate the Lease Deed - the Appellant has never initiated any...

Corporate insolvency resolution process (CIRP) initiated against corporate debtor and corporate guarantor. Financial creditor granted loan to corporate debtor, secured...

The NCLAT held that the corporate debtor failed to substantiate a pre-existing dispute with the operational creditor regarding the unpaid operational debt. The corporate...

The NCLT had directed the release of an industrial promotion subsidy claim amount to the Corporate Debtor, which was sanctioned prior to the commencement of CIRP. The...

Rejection of the simultaneous claim by the Resolution Professional of the Corporate Debtor - Claim filed by the Applicant with respect to the corporate guarantee given...

Validity of possession notice - guarantee given by the Corporate Debtor - As a consequence of such default, the status of the guarantor metamorphoses into a debtor or a...

CIRP initiated against the Corporate Debtor terminated upon reaching full and final settlement with the Operational Creditor who filed Section 7 application. Quantum of...

Seeking to release the attachment of the tiles relating to the Corporate Debtor - Attachment of goods by the GST department before initiation of CIRP - The assets, which...

Liquidation of Corporate Debtor - no resolution plan was received during the CIRP proceedings - The Adjudicating Authority has rightly observed that even after pushing...

Initiation of CIRP - Corporate Debtor unable to repay the amount - Non Performing Asset - Right of the Bank - In absence of any specific order of taking over the...

Initiation of CIRP - Failure to pay outstanding salary dues to the employees - Operational Creditor has not received his dues from the Corporate Debtor and the...

CIRP - Validity of deed of assignment of lease - Authority of RP to Issue Inspection Notice - The Tribunal found that there was a significant dispute regarding the...

Liquidation of Corporate Debtor - Direction to release or vacate the subject property owned by the corporate debtor - This bench is of the view that recovery of rent...

CIRP proceedings - illegal transfer of IPR and business by the corporate debtor - the declaration of assignment of trademarks in the name of R1 is declared null and void...

Quick Updates: