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Insolvency and BankruptcyDecember 22, 2021Case LawsAT
Tripartite agreement - financial creditors or not - Bank has released housing loans to some of the allottees who have purchased Flats/units in the Project floated by the ‘Corporate Debtor’ - Presence of a mere tri-partite Agreement does not change the character of the amount borrowed by the Home Buyer vis-a-vis the Bank and vis-a-vis the ‘Corporate Debtor’. Viewed from any angle, the Appellant cannot be included as a ‘Secured Financial Creditor’ in this case and hence, there are no reasons to interfere with the well-reasoned Order of the Adjudicating Authority. - AT
Tripartite agreement - financial creditors or not - Bank has released housing loans to some of the allottees who have purchased Flats/units in the Project floated by the ‘Corporate Debtor’ - Presence of a mere tri-partite Agreement does not change the character of the amount borrowed by the Home Buyer vis-a-vis the Bank and vis-a-vis the ‘Corporate Debtor’. Viewed from any angle, the Appellant cannot be included as a ‘Secured Financial Creditor’ in this case and hence, there are no reasons to interfere with the well-reasoned Order of the Adjudicating Authority. - AT
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