https://www.taxtmi.com/caselaws?id=285182 Amounts raised from allottees in a real estate project were treated as financial debt because they had the commercial effect of borrowing under the Insolvency and Bankruptcy Code, 2016. On proof of unit booking, disbursal of consideration, and non-refund despite the lapse of time, the applicants were recognised as financial creditors and the corporate debtor's default in repayment was established. The Section 7 application was complete, including the consent and disclosures of the proposed interim resolution professional, and the statutory conditions for admission under Section 7(5)(a) were satisfied. The application was admitted and corporate insolvency resolution process was initiated. en-us Wed, 16 Jan 2019 00:00:00 +0530 Wed, 01 Jan 2020 14:30:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285182 Amounts raised from allottees in a real estate project were treated as financial debt because they had the commercial effect of borrowing under the Insolvency and Bankruptcy Code, 2016. On proof of unit booking, disbursal of consideration, and non-refund despite the lapse of time, the applicants were recognised as financial creditors and the corporate debtor's default in repayment was established. The Section 7 application was complete, including the consent and disclosures of the proposed interim resolution professional, and the statutory conditions for admission under Section 7(5)(a) were satisfied. The application was admitted and corporate insolvency resolution process was initiated. Case-Laws Insolvency and Bankruptcy Wed, 16 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285182