9911796707
TMI Blog2023 (10) TMI 1000X X X X Extracts X X X X X X X X Extracts X X X X ..... NANDA [ 2023 (10) TMI 949 - SUPREME COURT] where in it has been held that to treat a particular segment of that class differently for the purposes of another enactment, on the ground that one or some of them had elected to take back the deposits together with such interest as ordered by the competent authority, would be highly inequitable. In view of the law laid down by the Hon ble Supreme Court, it is now well settled that the status of the party i.e. allottee does not change and therefore the Adjudicating Authority has rightly concluded that threshold being not met one allottee cannot trigger the insolvency. The rejection of Section 7 application cannot be faulted - there are no merit in the appeal - appeal dismissed. - [Jus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be deemed to be an amount having the commercial effect of a borrowing. Thus, the relevant consideration for determination of financial debt would be whether the debt was disbursed against the consideration for the time value of money which may include amount raised from an allottee under a Real Estate Project, the transaction deemed to be amount having the commercial effect of a borrowing. Since the initial transaction was an allotment of a Real Estate Project, there can be no doubt that such transaction has the contours of borrowing as contemplated under Section 5(8)(f) of the 1 B Code. However, the case set up by the Respondent Nos. 1 and 2 before the Adjudicating Authority is not on the strength of a transaction having the commer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... os. 1 and 2 could maintain an application under Section 7 as 'Financial Creditors'. 3. Learned counsel for the Respondent relying on the judgment of Hon ble Supreme Court in Civil Appeal No.3806 of 2023, Vishal Chelani Ors. vs. Debashis Nanda submits that now the issue is covered by judgment of the Hon ble Supreme Court decided on 06.10.2023. 4. Learned counsel for the Appellant submits that the judgment of Vishal Chelani is distinguishable from the facts of the present case. 5. We have considered the submissions of learned counsel for the parties and perused the record. 6. Learned counsel for the Respondent has relied on judgment of Hon ble Supreme Court in Vishal Chelani , where in Para 8 following has been he ..... X X X X Extracts X X X X X X X X Extracts X X X X
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