NCLT Mumbai: License Agreement Terminated Before Commencement Of CIRP, Security Deposit Can Be Appropriated Against Arrears Of Rent Receivable From Corporate Debtor

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Justice Shri V.G. Bisht (Judicial Member) and Shri Prabhat Kumar (Technical Member) has partly allowed an application and held that in the case of the license agreement which has been terminated before the commencement of Corporate Insolvency Resolution Process (“CIRP”) proceedings, the security deposit can...