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Interest Free Security Deposit towards advance license fee is Operational Debt
Case Law Details
- Case Name
- Vibrus Homes Pvt. Ltd. Vs Ashimara Housing Pvt. Ltd. (NCLAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
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Vibrus Homes Pvt. Ltd. Vs Ashimara Housing Pvt. Ltd. (NCLAT Delhi)
In his case clause 5 of the Agreement on which learned counsel for the Appellant has given emphasis provides:-
5. That the licensee shall pay a sum of Rs.32,43,000 (Rupees Thirty Two Lacs and Forty Three Thousand) and interest free deposit towards advance license fee and the same will be retained as a security deposit by the licensor till the end of the license period. The security deposit shall be refunded at the end of 3 years i.e. once the entire payment of 3 years is received & under no circumstances shall be adjusted t...
