Arshiya Panvel Free Trade and Warehousing Zone Commercial Agreements

under insolvency resolution

The National Company Law Tribunal has refused to invalidate long-standing commercial agreements at Arshiya Panvel free trade and warehousing zone. The agreements, including a 2018 master lease deed and a related framework agreement with Ascendas Panvel FTWZ, restrict Arshiya's ability to freely use a large portion of its Panvel land and give Ascendas priority rights for financing and leasing of warehouses. The tribunal ruled these agreements cannot be challenged during insolvency proceedings as they were signed years before and fully acted upon.