https://www.taxtmi.com/caselaws?id=399035 The Tribunal dismissed the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, as the Financial Creditor could opt to accept the delivery of the flat instead of claiming the amount as a financial debt. The agreements indicated the Financial Creditor's option to receive the residential flat in lieu of the debt. The Tribunal found the claim resembled that of a speculative investor rather than a genuine allottee entitled to a financial debt, citing a Supreme Court judgment. Therefore, the application for Corporate Insolvency Resolution Process against the Corporate Debtor was dismissed. en-us Tue, 05 May 2020 00:00:00 +0530 Thu, 01 Oct 2020 11:38:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399035 The Tribunal dismissed the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, as the Financial Creditor could opt to accept the delivery of the flat instead of claiming the amount as a financial debt. The agreements indicated the Financial Creditor's option to receive the residential flat in lieu of the debt. The Tribunal found the claim resembled that of a speculative investor rather than a genuine allottee entitled to a financial debt, citing a Supreme Court judgment. Therefore, the application for Corporate Insolvency Resolution Process against the Corporate Debtor was dismissed. Case-Laws Insolvency and Bankruptcy Tue, 05 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399035