https://www.taxtmi.com/caselaws?id=339648 The tribunal dismissed the application as the applicants did not qualify as "Financial Creditors" under Section 7 of the Insolvency and Bankruptcy Code, 2016. The promised "Assured Returns" were not considered "Financial Debt" under Section 5(8) of the IBC, as they were linked to property possession and not the time value of money. The presence of pending winding-up petitions and appointment of a provisional liquidator indicated the respondent was undergoing insolvency resolution, making the application inappropriate. The tribunal's decision did not prejudice the applicants' rights to pursue remedies elsewhere. en-us Mon, 23 Jan 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339648 The tribunal dismissed the application as the applicants did not qualify as "Financial Creditors" under Section 7 of the Insolvency and Bankruptcy Code, 2016. The promised "Assured Returns" were not considered "Financial Debt" under Section 5(8) of the IBC, as they were linked to property possession and not the time value of money. The presence of pending winding-up petitions and appointment of a provisional liquidator indicated the respondent was undergoing insolvency resolution, making the application inappropriate. The tribunal's decision did not prejudice the applicants' rights to pursue remedies elsewhere. Case-Laws Insolvency and Bankruptcy Mon, 23 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339648