For property owners who have rented out their commercial premises to companies on the basis of a license agreement, fighting long civil proceedings for recovery of unpaid licence fees will soon become a thing of the past. On July 5, the National Company Law Appellate Tribunal (NCLAT) ruled that if companies defaulted in the payment of the rent amount, as agreed upon in a licence agreement, the owner can file a case and initiate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC).