NK Ingredients granted temporary moratorium on proceedings over unpaid rent to Soilbuild Reit

THE manager of Soilbuild Reit revealed on Friday that the Singapore High Court granted a temporary moratorium on proceedings against NK Ingredients over the rental of a property in Pioneer Sector 1.

Soilbuild's Reit manager had filed a writ of summons on Nov 13 claiming possession of the property over unpaid rents. Following which, NK Ingredients indicated its intention to enter into a scheme of arrangement over rents owed to Soilbuild.

As of Friday, the amount owed by NK Ingredients stood at S$5.04 million which has been offset against the original security deposit of S$5.11 million, Soilbuild Reit said in a filing with the Singapore Exchange.

The temporary moratorium is subject to certain conditions including making rental payments for January by the end of the month and paying any amounts billed between Jan 11 and March 26 no later than 14 calendar days after receiving the payment notice.

Moreover, NK Ingredients would be required to top up "the security deposit in three tranches such that Soilbuild Reit will hold half, three-quarter and the full original security deposit by Mar, 31 Dec 31 and Jun 30, 2019 respectively."