# In the matter of Future Retail Limited

> NCLT judgment dated 2024-01-15. Citation: TCN-2024-NCLT-03062. The case involves an application filed by The Court Receiver, High Court, Bombay, seeking…

- **Court:** NCLT
- **Order date:** 15 Jan 2024
- **Citation:** TCN-2024-NCLT-03062
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/future-retail-limited-c3dcc8b9

## Summary

### Background

The case involves an application filed by The Court Receiver, High Court, Bombay, seeking directions to Mr. Vijay Kumar Iyer, the Resolution Professional of Future Retail Limited, to hand over vacant possession of mortgaged immovable property (Subject Premises) in Ahmedabad and provide net sales data from April 2022 to April 2023. The Court Receiver was appointed by the Bombay High Court in a commercial suit filed by IDBI Trusteeship Services Ltd against Ojas Tradelease and Mall Management Pvt Ltd. The applicant seeks to reckon outstanding lease rent and file an appropriate claim.

## Facts

IDBI Trusteeship Services Ltd filed a Commercial Suit against Ojas Tradelease and Mall Management Pvt Ltd in the Bombay High Court, seeking a money decree and a declaration that its claim is secured by a mortgage. The High Court appointed the Court Receiver as the receiver of the Suit Premises. The Retail Operating Agreement between Ojas and Future Retail Limited (Corporate Debtor) was terminated on 06th August, 2022, prior to the commencement of CIRP against Future Retail Limited on 20th July, 2022. The Corporate Debtor acknowledged the termination and agreed to hand over possession by 01st July, 2022, but continued to occupy the premises. The Resolution Professional (RP) of Future Retail Limited was unable to provide net sales data due to corrupt SAP data. The

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor can retain possession of the Subject Premises during the CIRP, …

**Ratio:** The termination of a lease agreement prior to the commencement of CIRP impacts the

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**Reasoning:** The NCLT reasoned that since the Retail Operating Agreement was terminated before the

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**Interpretation:** The interpretation of Section 14(1)(d) of the Code is central, specifically

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**Application:** The NCLT applied the principle that the termination of the agreement before

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## Parties

- **Judges:** Shri. Kuldip…; Shri. Anil Raj…
- **Appellants:** The Court R…
- **Respondents:** Future Retail…; Vijay Kuma…

## Timeline

- **2022-05-18 — Retail Operating…**: Retail Operating Agreement dated 18th May,…
- **2022-06-03 — Termination…**: Ojas Tradelease terminated the Retail Operating Agreement vide Letter dated 03rd June,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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