The case involves an application filed by Kothapally Krishna Reddy against Mr. Vijay Kumar Iyer, the Resolution Professional of Future Retail Limited, and Future Retail Limited, seeking directions for the Respondent to hand over vacant possession of leased land and pay outstanding rent. The Applicant leased land to Future Retail Limited, which constructed a building on it. The Corporate Debtor stopped paying lease amounts, leading to the termination of the Lease Deed. The Applicant then learned that Future Retail Limited was undergoing Corporate Insolvency Resolution Process (CIRP).
Kothapally Krishna Reddy (Applicant) leased land to Future Retail Limited (Corporate Debtor). A lease deed was executed on March 19, 2015. The Corporate Debtor constructed a building on the leased land. The Corporate Debtor stopped paying lease amounts from February 2022. The Applicant issued a legal notice on May 20, 2022, terminating the lease. The Corporate Debtor entered Corporate Insolvency Resolution Process (CIRP) on July 20, 2022. The Applicant filed a claim with the Resolution Professional (Respondent) on August 1, 2022, revised on November 24, 2022. The Respondent admitted part of the claim. The Applicant filed an application seeking repossession of the leased land and payment of outstanding rent. The key fact is the lease termination prior to CIRP
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Lease Deed executed…
Future Retail Limited…
The case involves an application filed by Kothapally Krishna Reddy against Mr. Vijay Kumar Iyer, the Resolution Professional of Future Retail Limited, and Future Retail Limited, seeking directions for the Respondent to hand over vacant possession of leased land and pay outstanding rent. The Applicant leased land to Future Retail Limited, which constructed a building on it. The Corporate Debtor stopped paying lease amounts, leading to the termination of the Lease Deed. The Applicant then learned that Future Retail Limited was undergoing Corporate Insolvency Resolution Process (CIRP).
Kothapally Krishna Reddy (Applicant) leased land to Future Retail Limited (Corporate Debtor). A lease deed was executed on March 19, 2015. The Corporate Debtor constructed a building on the leased land. The Corporate Debtor stopped paying lease amounts from February 2022. The Applicant issued a legal notice on May 20, 2022, terminating the lease. The Corporate Debtor entered Corporate Insolvency Resolution Process (CIRP) on July 20, 2022. The Applicant filed a claim with the Resolution Professional (Respondent) on August 1, 2022, revised on November 24, 2022. The Respondent admitted part of the claim. The Applicant filed an application seeking repossession of the leased land and payment of outstanding rent. The key fact is the lease termination prior to CIRP
…Lease Deed executed…
Future Retail Limited…