Salman Khan Not Restrained By NCLAT From Taking Over His Mumbai Property: Report

Spread the love

The National Company Law Appellate Tribunal (NCLAT) on April 21 refused to restrain Bollywood actor Salman Khan from terminating the lease of his 27,650 sqft commercial property in Mumbai, which is currently home to a Foodhall supermarket, owned by TNSI Retail Private Limited, a subsidiary of Future Retail Limited.

According to a report by Moneycontrol, the order was passed while hearing a plea moved by Koinonia Coffee Pvt Ltd, which runs coffee shops at Foodhall stores, and is owned by TNSI.

The coffee company had approached the appellate tribunal as Salman Khan was seeking to terminate the lease agreement with effect from April 30, 2023.

The lease agreement for commercial premises located on the lower ground floor, ground floor, first floor and second floor at Santacruz West in Mumbai was renewed in September 2022 between licensor Salman Khan and licensee TNSI Retail Private Limited.

The monthly rent for the first year is Rs 89.6 lakh and Rs 94.08 lakh from the second year onwards. The company has paid a security deposit of Rs 2.68 crore, the documents showed.

The chargeable area is 27,650 sqft and 23,042 sqft is the carpet area.

Reportedly, the lawyer representing the coffee company argued that since Future Retail went into insolvency, Koinonia asked the Resolution Professional (RP) to take possession of the Foodhall supermarkets and pay their dues as per the agreement. However, the business was handed over to TNSI instead.

Koinonia approached NCLT with an application stating that the agreement between TNSI and Future on Foodhall is an attempt to ring-fence the Foodhall business and deprive its stakeholders of its in-going revenues/profits.

NCLT reserved its orders on February 22 and is yet to deliver the same.

Meanwhile, in March 2023, Salman Khan sought to terminate the agreement and take back possession of his property. The lawyer argued that despite requesting NCLT to pass orders in the case time and again, the tribunal refused to do so. Hence they have now approached NCLAT.

The NCLAT, however, dismissed the case opining that it would not be appropriate to pass orders in a case where judgment is yet to be delivered by NCLT.

Actor Salman Khan in 2017, leased an area of 27,650 sqft spread over four floors to TNSI Retail Private Limited, a subsidiary of Future Retail Limited, in Mumbai.

Read all the Latest Business News, Tax News and Stock Market Updates here

Source link

Be the first to comment

Leave a Reply

Your email address will not be published.