JUDGMENT :

Jaswant Singh, J.

Petitioner, a Private Limited Company, engaged in sale of cars, manufactured by TATA Motors, took on lease a portion of Plot No. B-16, Industrial Area, Phase-2, Mohali, owned by M/s Hind Motors India Limited (Respondent No. 2), vide Lease Deed dated 17.9.2016 (Annexure-P-6). The lease period specified was for a period of nine years with effect from 1.10.2016 to 30.9.2025 subject to payment of stipulated lease amount per month. The petitioner-Company had tendered a sum of Rs. 10.50 lacs as refundable security.

It transpires that property in question was mortgaged to respondent No. 1-Union Bank of India by respondent No.2-Landlord/owner as collateral security towards a loan of about Rs. 15 crores. The Landlord-respondent No. 2 having defaulted in repayment of due installments and become bankrupt, thus filed a petition under Section 10 of Insolvency and Bankruptcy Code, 2016 (for short 'Code') in January, 2017 for voluntary winding up before the NCLT, Chandigarh Bench, Chandigarh, ultimately resulting in appointment of a Liquidator on 12.9.2017 after following the procedure provided under the Code. The Liquidator thereafter proceeded to take physical possessi