In a ruling in favour of SBI, the Hyderabad bench of the National Company Law Tribunal (NCLT) has held that the lease dues incurred during the corporate insolvency resolution period prior to the vesting date are payable to the financial creditor.
The application has been filed by the State Bank of India ( Sole Secured Financial Creditor/Applicant) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 ( IBC) . The Applicant seeks a direction to the Successful Resolution Applicant ( Respondent No. 1/SRA) to pay the lease amount arising out of the Lease Agreement dated 19.12.2020 and the Memorandum of Understanding dated 01.02.2021 , entered into with M/s Srikanth …