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NATIONAL COMPANY LAW TRIBUNAL
Shri Prabhat Kumar, J, Shri V.G. Bisht, Hon’ble Member (Technical), Hon’ble Member (Judicial), J
Pan Card Limited – Appellant
Versus
Nazru S Basheer Proprietor of Hotel MB International – Respondent
| Table of Content |
|---|
| 1. application filed for payment reliefs. (Para 1 , 2) |
| 2. property attached due to financial issues. (Para 4) |
| 3. respondent's defense and jurisdictional arguments. (Para 5) |
| 4. court's analysis of the agreement and jurisdiction. (Para 6) |
| 5. application partly allowed. (Para 7) |
ORDER
1. This Application IA 3958/2023 is filed by Pan Card Limited ("Corporate Debtor/Applicant") in the Company Petition (IB) No. 4578 of 2018 ("Petition") under Rule 60(5) of Insolvency and Bankruptcy Code, 2016 (“Code”) seeking reliefs against Nazru S Basheer, the Proprietor of Hotel MB International (Respondent). The reliefs as prayed by Applicant herein are as under:
a. Without prejudice to the rights and remedies available to the Applicant and the Corporate Debtor, direct the Respondent to pay the Royalty Payment of Rs. 85,140,000/- qua the Property due and payable from the inception of property usage, i.e., 07.09.2017 till 07.08.2023.
b. Without prejudice to the rights and remedies available to the Applicant and the Corporate Debtor, direct the Respondent to pay the Compensation @24% aggregating up to Rs. 58,311,000/- on failure to pay the rent timely, as enshrined under Clause 3 of the Conduct
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