TRENT LIMITED Vs. NANASAHEB GOVINDRAO AHER & ORS

JUDGEMENT

(1.) Petitioner and Respondents had entered into a Lease Deed dated 6th February 2003 by which Respondents granted to Petitioner lease of 5 acres of land being a portion of a larger property admeasuring 9.5 acres. The given term under the Lease Deed was for 15 years commencing from 13th June 2002 and expiring on 12th June 2017. Monthly lease rent was Rs.83,275/- with an escalation of 10% at the expiry of every 5 years of the term. The lease of the property was granted for the purpose of Petitioner to construct, use and occupy a warehouse for storage of its goods as mentioned in the Lease Deed.

(2.) Clause 2 of the Lease Deed gave Petitioner the option to renew the lease for a further period of 15 years on the same terms and conditions as contained in the Lease Deed. Of course, Respondents are now contending that they had not agreed for extension of lease on same terms and conditions. That is a subject matter of evidence.

(3.) It is the case of Petitioner that Petitioner and Respondents had mutually agreed upon such renewal of the lease in order to establish a long term relationship with each other as Petitioner was going to invest large sums of money to construct the warehouse. Clause 2 of the Lease Deed reads as under :