G.S. Patel, J.

1. The respondent-company, Treasure World Developers Pvt. Ltd (“Treasure World”) took premises on leave and license from the petitioning-creditor, Indiabulls Properties Pvt. Ltd. (“Indiabulls”). The leave and license agreement has what is commonly known as a ‘lock-in period’, a contractually agreed minimum tenure. Treasure World vacated the premises before the end of that lock-in period. Indiabulls claims it is entitled to claim the license fee for the remainder of that lock-in term. It says this is a ‘debt’ within the meaning of Sections 433 and 434 of the Companies Act, 1956. Treasure World contends that it is not; that the claim, if there is one, is only in damages; that, therefore, needs adjudication, absent which there can be said to be no ‘debt’ due to Indiabulls from Treasure World. This is the matter in issue.

2. The facts are largely undisputed. Indiabulls owns a substantial property of some 39,000 and odd sq mts in Lower Parel, now a significant business hub in Mumbai. This was once Jupiter Mills, one of Mumbai’s many textile mill lands. Indiabulls has constructed two towers on this land. Tower 1 is ground and 18 floors; Tower 2 (with two wings 2