Disbursement - Indian Laws - General

Word Disbursement In Black s Law Dictionary (10th Edn.) to mean: 1. The act of paying out money, commonly from a fund or in settlement of a debt or account payable. 2. The money so paid; an amount of money given for a particular purpose. In the present context, it is clear that the expression disburse would refer to the payment of instalments by the allottee to the real estate developer for the particular purpose of funding the real estate project in which the allottee is to be allotted a flat/apartment. The expression disbursed refers to money which has been paid against consideration for the time value of money . In short, the disbursal must be money and must be against consideration for the time value of money , meaning thereby, the fact that such money is now no longer with the lender, but is with the borrower, who then utilises the money. Pioneer Urban Land Infrastructure Ltd. v. Union of India [Pioneer Urban Land Infrastructure Ltd. v. Union of India- 2019 (8) TMI 532 - SUPREME COURT