JUDGMENT

Amrita Sinha, J. - The matter relates to 3117 sq.ft. in the third floor of the building situated at premises no. 20B, Abdul Hamid Street formerly known as British India Street, Kolkata 700069. The petitioners are the lessees of the aforesaid portion under the respondent no. 5, the lessor EIC Holding Private Limited, formerly known as, East India Commercial Company Limited, a Company registered under the Companies Act. The indenture of lease dated 3rd March, 1967 entered by and between the parties was registered before the Registrar of Assurances, Calcutta on 21st March, 1967. The lease is valid till 27th May, 2053.

2. In terms of the aforesaid indenture of lease the petitioners were required to pay lease rent at the rate of twelve paise per sq.ft. of the floor area per month to the lessor on ownership basis amounting to Rs. 360/- per month.

3. According to Clause 13 of the indenture of lease, in the event of future enhancement of rates and taxes by the Kolkata Municipal Corporation ('KMC' for short) over and above the existing rate, the same is to be borne exclusively by the lessor. The lessor was also exclusively liable to bear and pay all future statutory taxes, levies and