Wockhardt Ltd. & Anr. Vs Rajeev Mannadiar (RP of Eurolife Healthcare Pvt. Ltd.) & Anr. (NCLAT Delhi)
NCLAT Delhi held that assignment agreement establishes absolute right of the corporate debtor over the property hence it is part of liquidation estate. Payment of unauthorised sub-letting charges doesn’t mean any valid sub-letting of property.
Facts- Maharashtra Industrial Development Corporation executed a Lease Deed on 08.09.1998 with respect to Plot No.B – 15/2 in Waluj Industrial Area situated outside the limits of Aurangabad Municipal Corporation admeasuring 64,925 sq. mts. for a period of 95 years with effect from 01.07.1987 in favour of Appellant No.2 (Formerly known as Wockhardt Life Sciences Limited). The Lease Deed was registered on 08.10.1998.
A Business Transfer Agreement was executed on 06.03.2002 between Wockhardt Life Sciences Limited and Baxter (India) Pvt. Ltd. for transfer of the business. On 17.07.2002, a Deed of Assignment was executed by Wockhardt Life Sciences Ltd. in favour of Baxter (India) Pvt. Ltd. assigning plot of land bearing B-15/2 admeasuring 64,925 sq. mts. In the Waluj Industrial Area.
On 17.07.2002, a Sub-Letting Agreement was executed by Baxter with Appellants to continue the operations of the Cephalosporin Facility and a super depot (including a regrind building), so as to enable Wockhardt Ltd. to continue its operation of the Facilities on the premises, which Facility was located in area admeasuring approximately 13,000 sq. ft. Sub-Letting Agreement was subject to Wockhardt Ltd. obtaining necessary approval of the MIDC.
