The National Company Law Appellate Tribunal (NCLAT) has ruled in favour of actor Salman Khan and refused to restrain him from terminating a lease of his commercial property in the city from where the Foodhall supermarket is being run.
The supermarket is owned by a subsidiary of Future Retail Limited - TNSI Retail Private Limited. The plea before the appellate tribunal was moved by Koinonia Coffee Pvt Ltd, which runs coffee shops at Foodhall stores, and is owned by the same subsidiary. The actor was planning to terminate the lease agreement of his around 27,000 sq.ft property with effect from April 30, 2023, prompting the plea by the coffee company.
Business was handed over to TNSI
The tribunal was told that since Future Retail went into insolvency, it had asked the Resolution Professional (RP) to take possession of the Foodhall supermarkets and pay their dues as per the agreement. However, the business was handed over to TNSI instead.
The coffee company had stated in its plea that the agreement between Future and its subsidiary TNSI on the supermarket is an attempt to ring-fence the supermarket’s business and thereby deprive its stakeholders of its profits.
