IN THE NATIONAL COMPANY LAW TRIBUNAL, COURT-I, MUMBAI BENCH Under Section 9 of the Insolvency and Bankruptcy Code, 2016 In the matter of M/s. CABLE CORPORATION OF INDIA. LTD.

CIN: U31300MH1957PLC010964 Having registered office at:

Laxmi Building, 6, Shoorji Vallabhdas Marg, Ballard Estate, Mumbai – 400 001.

… Operational Creditor/Petitioner Vs M/s. DENTSU COMMUNICATIONS INDIA PRIVATE LIMITED (formerly known as Dentsu Aegis Network Communications India Private Limited)

(CIN: U74300MH1986PTC039002)

Registered office at: Devchand House, C Block, 2^nd floor, Shivsagar Estate, Dr. Annie Basant Road, Worli, Mumbai 400 018.

..…..Corporate Debtor Order delivered on: 11.10.2023 Coram:

Hon’ble Justice (Retd.) Sh. Virendrasingh Bisht, Member (Judicial)

Hon’ble Shri Prabhat Kumar, Member (Technical)

Appearance :-

For the Operational Creditor : Adv. Dinesh Kumar Seth i/b Adv. Mehul Rathod For the Corporate Debtor : Adv. Rohan Agarwal a/w Adv. Kunal Parekh [Per: Justice (Retd.) V. G. Bisht, Member (J)]

1. This is an application filed by operational creditor/applicant under section 9 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred as “IB Code” for short) against corporate debtor/respondent, for initiating corporate insolvency process (“CIRP” for short).

Brief facts:-

2. The operational creditor has claimed total amount of Rs.2,06,76,644/- which is net amount after adjustment of security deposit of Rs. 1 crore given by the corporate debtor to the operational creditor which fell due on different dates during the financial years 2020-2021 and 2021-2022.

3. The operational creditor is a manufacture of insulated wire and cable insulated wire, cable and other insulated conductors, insulated strip as is used in large capacity machines or control equipment and optical fibre cables. One of the businesses of the operational creditor is also to let out on lease or on hire, immovable property of the company.

4. On the other hand, the corporate debtor is a private limited company and has its registered office at Mumbai. The corporate debtor is involved in the business of advertising and printing of advertising material.

5. The operational creditor at the relevant time was the owner and was in possession of an office premises admeasuring approx. 9074 sq.ft. carpet area being ‘B-601’, on the 6th floor of Poonam Chambers, Dr. Annie Besant Road, Worli, Mumbai (said premises).

6. The operational creditor and corporate debtor had entered into a leave and license agreement dated 27.06.2014 for a term of 5 years, which arrangement was renewed vide a registered leave and license agreement dated 12.07.2019, whereby the said premises was licensed by the operational creditor to the corporate debtor for a period of 60 months commencing from 10.06.2019 and expiring on 09.06.2024, which included a lock-in period of twenty four months commencing from 10.06.2019 and ending on 09.06.2021, subject to a further six moths notice period of termination by the corporate debtor (after the said lock-in period was over), in case, the corporate debtor was desirous of terminating the said agreement, before the expiry date 09.06.2024 of the said agreement. The operational creditor received an amount of Rs. 1 Crore as deposit under the aforesaid earlier leave and license agreement dated 27.06.2014 and the said amount of Rs. 1 crore was continued to be treated as a security deposit by the corporate debtor with the operational creditor, even for the said (2019 agreement’s further 60 moths commencing from

10.06.2019 and expiring on 09.06.2024).

7. According to the operational creditor, as per the said agreement, the corporate debtor was required to pay leave and license fees on a bi-monthly basis at the beginning of every 2 months on or before the 7th of first such month. The bi-monthly leave and license fees, as per the said agreement, was also paid for the months of March and April, 2020. Thereafter, the entire country was put under a lockdown due to the Covid-19 Pandemic from 24.03.2020 t