- (1.) Oral Order dictated in the open court on 03.01.2018 It is a Company Petition filed u/s 9 of Insolvency and Bankruptcy Code by the Licensor/Petitioner namely Gujarat Clay Mills against a Licensee/Corporate Debtor namely Aadya Motor Company Pvt, Ltd. for the Corporate Debtor not paid the license fee aggregating to Rs. 8,52,46,956 to the Petitioner hence this Petition for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The facts of the case are as follows:
(2.) This Petitioner/Landlord initially filed Winding-up Petition on 17.09.2016 before the Hon'ble High Court of Bombay u/s 433, 434 rw 479 of Companies Act, 1956 for winding up of this company along with consequential reliefs as mentioned in this Petition. When Insolvency and Bankruptcy Code has come into existence, since all Winding-up Petitions where notice was not given to the Corporate Debtor, have been transferred to NCLT, this Petitioner has filed Form-6 u/s 9 of IBC, accordingly this petition has today come before this Bench for hearing.
(3.) The Petitioner firm is the owner of the property being Plot No. 6B along with building situated at Qureshi Nagar, Kurla (E) , Mumbai-400 070, and it has been given on lease to the Corporate Debtor to run Agency of Honda Car India Ltd., when this property was given on license to this Corporate Debtor, it had entered into registered Leave & License agreement on 01.12.2012 on a condition that the Corporate Debtor would be liable to pay a licence fee of Rs. 7,55,000 p.m. for a period from 01.12.2012 to 31.10.2013, Rs. 8,75,000 p.m. from 01.11.2013 to 30.09.2014, Rs. 10,00,000 p.m. from 01.10.2014 to 31.08.2015. When this Corporate Debtor was irregular in making payment, the Petitioner issued notice to the Corporate Debtor calling upon it to vacate and handover peaceful possession of the premises on or before 28.02.2014 by clearing the outstanding dues as mentioned in the said notice. When this Corporate Debtor did not respond to the notice issued, finally, this Petitioner issued statutory notice u/s 434(1) of the Companies Act, 1956 calling upon the Corporate Debtor to pay the outstanding dues aggregating to Rs. 2,07,60,505 as on 10.11.2014, thereafter schedule was also sent in respect to payment dues payable by the Corporate Debtor on 06.12.2014. When this Corporate Debtor did not respond even to the statutory notice given by the Petitioner, the Petitioner firm filed License Ejectment and Compensation (L.E.&C.) suit against the Corporate Debtor in December 2014 for surrender of the licensed premises and also for payment of Rs. 2,14,60,616 along with late fee compensation, interest and other charges due and payable by the Corporate Debtor to the Petitioner with a further direction to pay the default charge @ 24% p.a. until the Corporate Debtor has removed its articles and belongings and handover vacant and peaceful possession of the licensed premises to the Petitioner as per the terms of the Leave & License agreement. Thereafter, while this suit was pending before the Small Causes Court, this Petitioner simultaneously filed this Winding-up Petition before the Hon'ble High Court of Bombay on the same cause of action for winding up of the company.;