# In the matter of Future Retail Limited

> NCLT judgment dated 2024-01-15. Citation: TCN-2024-NCLT-03060. The case involves an application filed by Kothapally Krishna Reddy against Mr. Vijay Kumar…

- **Court:** NCLT
- **Order date:** 15 Jan 2024
- **Citation:** TCN-2024-NCLT-03060
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/future-retail-limited-d62a7bd2

## Summary

### Background

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).

## Facts

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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## Issues and analysis

### Issue 1: Whether the moratorium under Section 14 of the Insolvency and Bankruptcy Code bars the Applicant …

**Ratio:** The moratorium under Section 14 prevents actions to recover property occupied by the

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**Reasoning:** The tribunal reasoned that since the lease was terminated prior to the commencement of

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**Interpretation:** The interpretation of Section 14 and the explanation to Section 18 is crucial.

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**Application:** The tribunal applied the ratio to the facts by noting that the lease was

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## Parties

- **Judges:** Shri. Kuldip…; SHRI. ANIL RAJ…
- **Appellants:** Kothapally…
- **Respondents:** Future Retail…; Vijay Kuma…
- **Advocates:** Sankalp An…; Rishabh J…

## Timeline

- **2015-03-19 — Lease Deed Ex…**: Lease Deed executed between Kothapally…
- **2022-02-01 — Default in Lease…**: Future Retail Limited stopped…

## 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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