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

Lease Cancellation by NOIDA: No Tenant Holding Over Status Without Consent, Confirms NCLAT; Rights Unaffected by Lease Restoration Request.

September 20, 2024

Case Laws IBC AT

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: No Tenant Holding Over Status Without Consent, Confirms NCLAT; Rights Unaffected by Lease Restoration Request.

September 20, 2024

Case Laws IBC AT

You may also like:

Exemption from GST - upfront amount charged by the Applicant (as lease premium) for granting long-term lease of ninety years - The AAR concludes that long-term leases...

When assessee allotted plot by Noida Authorities, entered agreement to sell on 07.02.2003 receiving Rs. 4,50,000/-, remaining Rs. 4,76,000/- paid to Noida Authorities as...

The NCLAT set aside the order and allowed the appeal, ruling that outstanding lease rental and premium due during the CIRP period cannot be included in CIRP costs. It...

Key aspects of the leasehold rights of the Corporate Debtor in various tea gardens owned by the State of West Bengal. The NCLAT held that the leasehold rights are...

CIRP - Status of NOIDA authority - Financial Creditors or Operational Creditors - dues outstanding under the lease - , in the lease in question, there has been no...

Amortization of lease premium paid by the appellant - Whether lease premium paid Noida Authority is to be treated as advance rent? - HC

The National Company Law Appellate Tribunal (NCLAT) has remanded the case back to the Adjudicating Authority (AA) to examine and decide the issues in a comprehensive...

Cancellation of shares - Petitioners have contended that the cancellation of shares were done without obtaining consent and without giving opportunity to the petitioners...

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...

Eligibility of ex-promoter/Corporate Debtor u/s 29A read with Section 240A of the IBC to submit a resolution plan claiming the benefits of MSME - rejection of Resolution...

CIRP - Status of the entity (Corporate debtor) as MSME or not - certificate being procured after the process started - NCLAT held the status of entity as MSME - Contempt...

NCLAT dismissed appeals regarding disputed machinery ownership in insolvency proceedings. The Corporate Debtor (CD) had previously hypothecated the machinery to...

The Appellant contended that its claim should be treated as a secured debt u/s 30 of the Insolvency and Bankruptcy Code (IBC), rather than as an unsecured debt. However,...

The NCLAT allowed the approval of the New Board's decision to collapse/unwind transactions whereby IFIN provided loans to third parties, except for certain respondents...

Winding up of mutual fund scheme - Procedure and manner of winding up - For the purpose of clause (c) to Regulation 18(15), consent of the unitholders would mean consent...

Quick Updates: