Lease rentals from use & occupation of a cold storage unit is ‘Operational Debt’ u/s 5(21) of IBC 2016

Anup Sushil Dubey Vs National Agriculture Co-operative Marketing Federation of India Ltd. (NCLAT) Conclusion: Lease rentals arising out of use and occupation of a cold storage unit which was for Commercial Purpose was an ‘Operational Debt’ as envisaged under Section 5 (21) of the Code. Held: National Agriculture Co-operative Marketing Federation of India (NAFED)/Operational Creditor and the Corporate Debtor entered into a Leave and Licence Agreement for the usage of cold storage facilities for a period of three years. Agreement provides for the payment of licence fee  payable on the 7th ...