Possession rights under an unregistered MOU are not protected by law; illegal occupants must vacate property owned by the Corporate Debtor.

ORDER

1. This Application IA 3973/2023 was filed on 27th August 2023 by Rajesh Sureshchandra Sheth Resolution Professional (“Applicant”) in the Corporate Insolvency Resolution Process (“CIRP”) of Pancard Clubs Limited (“Corporate Debtor”) against Gir Vanvaso Resort (“Respondent”) under Section 60 (5) of The Insolvency and Bankruptcy Code , 2016, seeking appropriate directions for (i) payment against the usage of the Property being Non-Agricultural Commercial Land lying and being situated at Village Sangodra, Tehsil Talala, district Junagadh, State Gujarat, bearing Khata No. 319, Survey No./Hissa No.3/ Part 2 admeasuring about 0-97-13 H.R.P and Survey No./Hissa No.3/ Part 3/Part 2 admeasuring about 0-30-87 H.R.P, totally admeasuring about 1-28-00 H.R.P equivalent to 12,800 sq. mtrs. and all that portion of premises, structures, buildings comprised of Garden facing 25 fully equipped and furnished resort rooms, conference hall, restaurant, swimming pool, admin room, reception, staff quarters, gymnasium, sauna and steam bath, massage room, etc, having a total built up area admeasuring about 3250 sq. mtrs. or thereabout (hereinafter referred as the "Property"), belonging to the Corporate Debtor, which is currently occupied by the Respondent; and (ii) vacation of the Property.

2. The Applicant has made following prayers:-

a) Without prejudice to the rights and remedies available to the Applicant/Resolution Professional and the Corporate Debtor, direct the Respondent to cooperate with the Applicant/Resolution Professional by furnishing the requisite information (including the Memorandum of Understanding as claimed to be executed between the Respondent and the Corporate Debtor) as sought for at Paras 18 and 35 of the Application;

b) Without prejudice to the rights and remedies available to the Applicant/Resolution Professional and the Corporate Debtor, direct the Respondent to pay the usage charges for the use of the Property from the period starting from date since when the Respondent has been using the Property till the Insolvency Commencement Date;

c) Without prejudice to the rights and remedies available to the Applicant/Resolution Professional and the Corporate Debtor, direct the Respondent to pay the usage charges for the use of the Property from the period starting from the Insolvency Commencement Date till disposal of this application;

d) Without prejudice to the rights and remedies available to the Applicant/Resolution Professional and the Corporate Debtor, direct the Respondent to vacate the Property and handover the peaceful possession of the Property to the Corporate Debtor, through the Applicant/Resolution Professional; and alternatively

e) In the interim, direct the Respondent to pay to the Corporate Debtor the monthly usage charges with effect from the date of disposal of this application, as per the amount mutually agreed, to commensurate to the fair value of the prevalent lease rental applicable on the Property to be deduced by the Applicant/Resolution Professional or this Hon'ble Tribunal, along with GST, TDS, delay payment interest, if any and mesne profits with this Hon'ble Court till final disposal of the present Application;

f) pass any other such Order(s) as this Hon'ble Adjudicating Authority may deem fit.

3. The Corporate Debtor was admitted to CIRP vide order dated 9.9.2022 appointing applicant herein as Interim Resolution Professional (IRP), who was later on appointed as Resolution Professional (RP). During the pendency of present application, a Resolution Pl