Under Ind AS 101, a first-time-adopter lessee for an EXISTING OPERATING LEASE at the date of transition recognises a lease liability measured as:

Ind AS 101 lease exemption — lease liability at transition = PV of remaining lease payments discounted using the LESSEE'S INCREMENTAL BORROWING RATE on the date of transition (not the original lessor's rate, not the commencement-date rate). The ROU asset can then be measured either as if Ind AS 116 had always applied (retrospectively, using the transition-date discount rate) or equal to the lease liability plus/minus prepaid/accrued lease payments.