Roots Infra Ltd, (Operational Creditor) (OC) entered into a lease agreement for 10 years in respect of an office building measuring 16,000 sq. ft. belonging to Sharp Ltd (Corporate Debtor) (CD). A sum of ₹3 crores was pa

Roots Infra Ltd, (Operational Creditor) (OC) entered into a lease agreement for 10 years in respect of an office building measuring 16,000 sq. ft. belonging to Sharp Ltd (Corporate Debtor) (CD). A sum of ₹3 crores was paid as interest free security deposit by the OC. The lease was terminated on the expiry of the lease period and accordingly, the CD was liable to refund the security deposit. The CD did not refund the security deposit. On a mutual understanding, both the OC and the OD entered into a Memorandum of Settlement (MoS) whereby it was agreed that the CD would refund the security deposit in three annual instalments. The CD paid the first annual instalment. Despite several oral and written request and reminders, the CD failed to pay the balance two annual instalments. In such circumstances, the OC issued a notice under Section 8 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) to the CD to settle the balance ₹2 crores based on the MoS as operational debt within 10 days from the date of receipt of notice. Despite this, the CD again failed to refund the security deposit claimed as the defaulted amount. Having no other alternative, the OC filed a petition initiating Corporate Insolvency Resolution process against the CD. You are requested to analyse the about facts and arrive at a correct conclusion as to whether the petition by the OC is maintainable under the provisions of IBC, 2016.