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NCLAT upheld the NCLT's rejection of a S.7 IBC application filed by the Appellant against the Corporate Debtor, holding that the underlying transaction did not constitute "financial debt." On examining the MoU dated 07.08.2013, the Appellate Tribunal found the arrangement to be in the nature of a joint development/joint venture for a real estate project, with the Appellant acting as developer and funds advanced as project-related payments, not as a loan or financial facility carrying time value of money. Consequently, default under S.7 was not established and CIRP could not be initiated. NCLAT clarified that dismissal of the S.7 application would not prejudice the Appellant's pending commercial suit for monetary recovery before the Delhi High Court, which may proceed independently in accordance with law.
NCLAT upheld the NCLT's rejection of a S.7 IBC application filed by the Appellant against the Corporate Debtor, holding that the underlying transaction did not constitute "financial debt." On examining the MoU dated 07.08.2013, the Appellate Tribunal found the arrangement to be in the nature of a joint development/joint venture for a real estate project, with the Appellant acting as developer and funds advanced as project-related payments, not as a loan or financial facility carrying time value of money. Consequently, default under S.7 was not established and CIRP could not be initiated. NCLAT clarified that dismissal of the S.7 application would not prejudice the Appellant's pending commercial suit for monetary recovery before the Delhi High Court, which may proceed independently in accordance with law.
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