ORDER

1. The present application has been filed by Mr. Harish Kant Kaushik, Resolution Professional (“Applicant / RP”) of Rajmal Lakhichand Jewelers Private Limited (“Corporate Debtor”) on 30.10.2023 u/s 18(f) of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) r/w Rule 11 of the National Company Law Tribunal, 2016, seeking peaceful vacant possession and payment of outstanding license fees along-with interest thereon, pertaining to commercial premises as detailed hereinafter.

Submissions of the Financial Creditor

2. The Applicant viz. Resolution Professional of the Corporate Debtor herein submits that the present application emanates from 14.07.2022, whereby Wakai Hospitality Private Limited (“Respondent”) approached the Corporate Debtor herein for use of Commercial Premises admeasuring approx. 2853.62 sq. ft. (built-up) in Mangesh Sandesh Building, ‘B’ wing, Plot No. 490 bearing CTS No. E-72, Village-Khar , 17^th Road, Division of the Municipal Corporation of Mumbai (“Premises”) and pursuant to which; A registered Leave and License Agreement dated 14.07.2022 (“L&LA”) was executed forthwith to lease out the said premises to the Respondent for INR 7,50,000/- p.m., subject to a 5% increase every year after one year of the rent period from 12.07.2022, with effect from 13.09.2022 after considering a fit-out period of 2 (two) months. Further, C.P. (IB) No. 543/MB/2022 __________________________________________________________________________________________

the said license was admittedly granted for a period of 60 (sixty) months which commenced from 12.07.2022 and was bound to expire on 11.07.2027.

3. The records reflect that State Bank of India (“Financial Creditor”) filed the captioned petition bearing C.P. (IB) No. 543 of 2022 u/s. 7 of the IBC, 2016, for initiating Corporate Insolvency Resolution Process (“CIRP”) against the Corporate Debtor for default amounting to INR 535.91 Crores. This Bench was pleased to admit the same vide Order dated 09.02.2023 and, appointed the Applicant herein as the Interim Resolution Professional of the Corporate Debtor subsequent thereto.

4. Pursuant to initiation of CIRP, the Applicant submits that it issued a Public Announcement in FORM-A dated 12.02.2023, calling upon the creditors of the Corporate Debtor to file their respective claims along-with proof thereof. Consequently, the Applicant issued the first FORM-G dated 18.04.2023 for Expression of Interest, and thereafter a fresh Form-G dated 14.07.2023 in the matter of Corporate Debtor.

5. The Applicant submits that on receipt of the said L&LA from suspended directors of the Corporate Debtor on 30.05.2023, the Applicant sent a letter dated 12.07.2023 to the Director of the Respondent whereby the status of CIRP was duly communicated to him, and the Respondent was thereby requested for payment of monthly rentals as per terms and conditions of L&LA dated 14.07.2022. The Respondent vide Letter dated 19.07.2023, informed the Applicant that they were able to start commercial operations only from 01.07.2023 due to permissions from the BMC, Civil works etc. The Respondent further relied upon a Letter dated 23.06.2023 addressed to the suspended director of Corporate Debtor repudiating its liability to pay up until 01.07.2023 and that, the expenses incurred by them would have to be adjusted against future rentals. The Applicant refutes the afore-stated contentions of the Respondent about C.P. (IB) No. 543/MB/2022 __________________________________________________________________________________________

adjustment of expenses incurred for further approvals from the municipal corporation and contends that the Corporate Debtor cannot be held responsible for/ liable to adjust the further expenses incurred by the Respondent due to “..erroneous due diligence conducted by the Respondent.”

6. The Applicant further submits that after initiation of CIRP for the Corporate Debtor w.e.f 09.02.2023, the Committee of Creditors (“CoC”) in its sixth meeting dated 25.08.202