Salman Khan restrained from taking over his Mumbai Property as NCLAT refuses
Salman Khan restrained from taking over his Mumbai Property as NCLAT refuses
In a new development the
National Company Law Appellate Tribunal (NCLAT) on April 21 refused to restrain Salman Khan from terminating the lease of his 27,650 sqft commercial property in Mumbai, currently home to a Foodhall supermarket, owned by TNSI Retail Private Limited, subsidiary of Future Retail Limited.
The order was passed amid hearing a plea moved by Koinonia Coffee Pvt Ltd, which runs coffee shops at Foodhall stores, and owned by TNSI.
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.
Koinonia Coffee’s lawyer argued that since Kishore Biyani-owned Future Retail went into insolvency, and asked the Resolution Professional (RP) to take possession of the Foodhall supermarkets and pay their dues as per the agreement.
But, instead, the business was handed over to TNSI.
Meanwhile, Koinonia had approached National Company Law Tribunal (NCLT) with an application stating that the agreement amidst TNSI and Future on Foodhall is an attempt to ring-fence the Foodhall business and deprive its stakeholders of its in-going revenues/profits.
News input KV Raman
