THE NATIONAL COMPANY LAW TRIBUNAL

MUMBAI BENCH-I

I.A. 3324 OF 2024

Under Section 60(5) of Insolvency &

Bankruptcy Code, 2016

Union of India

…Applicant

Vs.

Union Bank of India & Others

…Respondents In the matter of

C.P.(IB) No. 530/MB/2020

Union Bank of India

Financial Creditor

Vs.

Rolta India Limited

Corporate Debtor

Order delivered on: 10.12.2024

Coram:

Shri Prabhat Kumar Justice V.G. Bisht (Retd.) Hon’ble Member (Technical) Hon’ble Member (Judicial)

Appearances:

For the Applicant : Mr. M.S. Bhardwaj, Advocate

For the Respondent : Ms. Aakanksha Nehra a/w Mr/

Aashish Darne and Ms. Gunjan Nayyar and Ms. Adya Singh, Advocates ORDER

1. This Application IA 3342/2024 is filed by Union of India, through its Assistant Development Commissioner, Office of Development Commissioner, SEEPZ SEZ, (“Applicant”) against Union Bank of India and the Resolution Professional of Rolta India Limited (Corporate Debtor) under Section 60(5) of The Insolvency and Bankruptcy Code, 2016 ("Code"), seeking following reliefs :

a. Direct the Resolution Professional nominated in the matter to release the Unit NO.201 to 204 & 501 to 504 at Multistoried, SEEPZ SEZ, Andheri (E), Mumbai - 400 096 to SEEPZ SEZ Authority and/ or the ownership of the movables, if any, of the Corporate Debtor lying in the said sub-leased premises as the same is not an asset of the Corporate Debtor after the lapse of LOA, sub lease agreement and the NOC for mortgage issued by the Applicant.

b. Direct the Resolution Professional not to take any action with respect to the Unit NO.201 to 204 & 501 to 504 at Multistoried, SEEPZ SEZ, Andheri (El, Mumbai - 400 096 along with movables in terms of Section 18 of the Code;

c. Pending the hearing and final disposal of this application, action initiated W.r.t. Unit No.20 I to 204 & 501 to 504 at Multistoried, SEEPZ SEZ, Andheri (E), Mumbai - 400 096 along with movables be stayed;

d. To direct the Resolution professional to considere the government dues at par with the Secured Creditors.

2. At the outset, it is submitted that Rolta India Limited (hereinafter referred to as "Corporate Debtor/Respondent No.3") was allotted the Unit No. 201 to 204 and 501 to 504 in the premises of applicant admeasuring about 6119 sq. mts. Vide Order No.

MIDC/SEEPZ/M.B./568/2008 DATED 16.07.2008.

2.1. After allotment, the Corporate Debtor was also issued the Letter of Approval dated 15.07.2008 for manufacturing and Export of IT based Engineering Design Services, IT based Geo-Engineering/GIS Services and E Security & Network Management Services by the applicant and the LOA was valid upto 3l.03.2019. It is submitted that after approval, the Applicant issued the Letter of Possession on 22.07.2008. Thereafter, the Corporate Debtor executed Sub Lease Agreement dated 29.12.2009 w.e.f. 22.07.2008 with the Applicant.

2.2. M/s Rolta India i.e. respondent No.3 was also issued NOC in favour of banks i.e. Union Bank of India, Bank of Baroda, Central Bank of India and Bank of India vide letter dated 26.10.2016 as per the guidelines issued by the Ministry, Govt of India vide letter dated

31.03.2010, subject to the condition that “Mortgage of Leasehold Right to financial Institutions/ banks is permitted only for the duration of the validity of sublease agreement. In case of expiry or cancellation of validity of LOA the lease hold rights would cease to exist in terms of rule 11(5) of SEZ rules, 2006. The existing LOA is valid upto 31.03.2019. However, the same is renewable subject to conditions stipulated in SEZ Act & SEZ Rules 2006. In case of termination of lease agreement the validity of such permission shall cease to exist and the permission granted stands with drawn. The lease hold rights cannot be assigned to anybody without the prior consent in writing of Development Commissioner.”

2.3. The SEEPZ SEZ is developed by the Government of India as a Special Economic Zone inter alia for the encourage men t of exports, creating employment opportunities and for earning valuable foreign exchange. To achieve the above