Ina Malhotra, Member - (1.) The present petition has been filed by the Petitioner, claiming to be a Creditor of the Respondent/Corporate debtor, and has therefore prayed for its initiation of Insolvency Resolution Process under the provisions of the Insolvency and Bankruptcy code 2016 (hereinafter referred to as the 'Code'). The petition is ambiguous on whether the petitioner is a Financial Creditor or an Operational one. While it has based its claims on grounds of having provided services to the Corporate Debtor, it seeks to escape the mandatory compliances of section 9 (3) by addressing itself as a Financial Creditor.
(2.) Be that as it may, this Bench is of the view that given the background and the facts of the case, the petition does not merit any consideration. My reasons for coming to this conclusion are based on the factual matrix giving rise to the claim and noted hereunder.
(3.) The petitioner is the owner of non-agricultural land in village Dapodi, Taluka Haveli, Pune measuring about 5,969 Sq. meters with structures measuring 25,400 sq. ft. built thereon. Portion of the same had been given to the Respondent for use and occupation, A leave & Licence agreement was executed between the parties on 06.07.2002 for a period of 33 months on a monthly rent of Rs. 2,00,000/- with the agreement to enhance it periodically every 11 months. As per averments, the respondent Corporate Debtor failed to vacate the said property on determination of the lease/license period. They, however, continued in possession of the said premises without renewal of the licence and have also been in default of payment of the agreed lease rent since from June 2006, which was an admitted amount of Rs. 2,20,000/- per month. The Petitioner, therefore claims a sum of Rs. 2,93,40,000/- from the Corporate Debtor w.e.f. 1.6.2006 till the filing of the present Petition.;