National Company Law Appellate Tribunal (NCLAT) refused to stay the April 21 Bollywood actor Salman Khan Terminating the lease of its 27,650 sqft commercial property in Mumbai, which currently houses Foodhall supermarket owned by TNSI Retail Pvt Ltd, a subsidiary of Future Retail Ltd.
according to a report by monocontrolThe order was passed while hearing a petition filed by TNSI-owned Koinonia Coffee Pvt Ltd, which operates coffee shops in Foodhall stores.
The coffee company had approached the appellate tribunal as Salman Khan was seeking termination of the lease agreement with effect from April 30, 2023.
The lease agreement for commercial premises located on the ground floor, ground floor, first floor and second floor at Santacruz West in Mumbai was renewed between licensor Salman Khan and licensee TNSI Retail Pvt Ltd in September 2022.
The monthly rent for the first year is Rs 89.6 lakh and from the second year onwards it is Rs 94.08 lakh. Documents show that the company has paid a security deposit of Rs 2.68 crore.
The chargeable area is 27,650 sqft and the carpet area is 23,042 sqft.
Reportedly, the lawyer representing the coffee company argued that since Future Retail is insolvent, Koinonia has asked the resolution professional (RP) to take over Foodhall supermarkets and pay their dues as per the agreement. However, the business was handed over to TNSI instead.
Koinonia had approached the NCLT with an application stating that the agreement between TNSI and Future On Foodhall was an attempt to corner the Foodhall business and deprive its stakeholders of its existing revenue/profits.
The NCLT had reserved its orders on February 22 and is yet to deliver them.
Meanwhile, in March 2023, Salman Khan sought to terminate the agreement and take back possession of his property. The counsel argued that despite repeated requests to the NCLT to pass orders in the matter, the tribunal refused to do so. So they have now approached NCLAT.
However, the NCLAT dismissed the matter saying that it would not be appropriate to pass an order in a matter where a judgment is yet to be pronounced by the NCLT.
In 2017, actor Salman Khan leased an area of 27,650 sq ft spread over four floors to TNSI Retail Pvt Ltd, a subsidiary of Future Retail Ltd, in Mumbai.
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