Rejection of section 7 application - Existence of financial debt ...

Real estate plot payment obligations not deemed financial debt, affecting allottees' status in insolvency cases.

February 19, 2024

Case Laws Insolvency and Bankruptcy AT

Rejection of section 7 application - Existence of financial debt or not - status of allottee for sale of plots (real estate project) - The Adjudicating Authority has also rightly come to the conclusion that obligation of payments of money under the agreement of sale by no stretch of imagination can be construed as a financial debt.

View Source

← Previous Next →

Rejection of section 7 application - Existence of financial debt ...

Real estate plot payment obligations not deemed financial debt, affecting allottees' status in insolvency cases.

February 19, 2024

Case Laws Insolvency and Bankruptcy AT

You may also like:

Admission of section 7 application - financial debt owed by the Corporate Debtor or not - Home Buyers - The application was filed by respondents, who were allottees in a...

IBBI amended Corporate Insolvency Resolution Process regulations introducing key changes for real estate projects and large creditor classes. Resolution professionals...

U.P. RERA - Refund of the investment made along with interest to allottees under Section 31 of of The Real Estate(Regulation and Development) Act, 2016 and The Uttar...

Resolution plan approved by CoC cannot be challenged by individual homebuyer/allottee. Homebuyers/allottees who paid money for real estate project, whether genuine or...

CIRP - denial of rights to be heard to protect the Financial Interest of Hundreds of Home Buyers / Allottees - Applicability of Threshold - joint filing by either 100...

Constitutional validity of amendments made to the Insolvency and Bankruptcy Code, 2016 - allottees of real estate projects deemed to be “financial creditors” - The...

Section 53(1) of the Insolvency and Bankruptcy Code (IBC) provides for the order of priority in the distribution of liquidation assets. Financial debts owed to unsecured...

Classification of services - Real estate agent services or not - it is not merely the real estate consultant but any person who facilitates getting any property /real...

Financial Debt or not - related parties - Approval of Resolution Plan - The basic element of the Financial Debt that such disbursement should be for consideration of...

Admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016, concerning the classification of a debt as a Financial Debt within the meaning of...

The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held...

Corporate Debtors failed to deliver housing units to allottees within stipulated time despite receiving payments. NCLAT rejected Corporate Debtors' contentions regarding...

Initiation of CIRP - The Appellant, who is a speculative investor, cannot claim status and benefits as financial creditor under Explanation (i) of Section 5(8)(f) of the...

Income from house property - Levy of deemed rent on the unsold real estate property of the assessee who is a real estate developer - nothing stops the assessing officer...

Liability of tax - real estate agent service - the promoter and manager of such property cannot be taxed as real estate agent for the consideration received to...

Quick Updates: