- (1.) The respondent company is a tenant under the petitioning creditor at a monthly rent of Rs. 625-00 payable according to the English calendar month.
(2.) The West Bengal Premises Tenancy Act, 1956 was repealed in the year 1997 and the same was replaced by the West Bengal Premises Tenancy Act, 1997 as amended by Act of XIV of 2002. The said Act came into force w.e.f. July 10, 2001. Section 17(4A) of the said Act reads as follows :- "17(4A) where a tenancy subsists for twenty years or more in respect of the premises constructed in or before the year 1984 and used for commercial purpose, the fair rent shall be determined by adding to the rent as on 1.7.1976 five times or by accepting the existing rent if such rent is more than the increased rent determined under this sub-section."
(3.) The section quoted (supra) provides that where a tenancy subsist for 20 years or more in respect of a premises constructed in or before 1984 and used for commercial purpose the fair rent shall be determined by adding rent as on July 1, 1976 five times or by accepting the existing rent if such rent is more than the increased rent determined under the sub-section.;