https://www.taxtmi.com/caselaws?id=396452 Advance paid under an agreement to sell was treated as financial debt where the arrangement had the commercial effect of borrowing and the money was advanced for acquisition of property, to be adjusted through execution of the sale deed. The tribunal reasoned that a transaction need not be a conventional loan if funds are paid for a specific purpose and the corporate debtor receives them in a manner resembling borrowing. On those facts, M/s. Versatile Commotrade Private Limited was treated as a financial creditor in the insolvency proceedings. en-us Fri, 28 Feb 2020 00:00:00 +0530 Mon, 06 Jul 2020 12:44:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396452 Advance paid under an agreement to sell was treated as financial debt where the arrangement had the commercial effect of borrowing and the money was advanced for acquisition of property, to be adjusted through execution of the sale deed. The tribunal reasoned that a transaction need not be a conventional loan if funds are paid for a specific purpose and the corporate debtor receives them in a manner resembling borrowing. On those facts, M/s. Versatile Commotrade Private Limited was treated as a financial creditor in the insolvency proceedings. Case-Laws Insolvency and Bankruptcy Fri, 28 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396452