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Moratorium on proceedings against NK Ingredients extended: Soilbuild Reit
AN eight-week extension has been granted for a moratorium on proceedings against NK Ingredients, which currently owes S$2.28 million to Soilbuild Business Space Reit, the real estate investment trust's manager said on Tuesday.
NK Ingredients is currently in default under a Feb 15, 2013 lease agreement for failing to pay rent and other sums payable under the agreement.
On March 20, the Singapore High Court had granted a two-month moratorium. In accordance with conditions stipulated in that court order, NK Ingredients paid the rental charges, property tax and land rent for April and May 2019. It then applied for an extension of the moratorium.
On Monday, the court granted an extension of eight weeks up to July 22, said Soilbuild Reit's manager. This is subject to conditions, including that NK Ingredients pays the rent for June and July on the first day of each respective month.