https://www.taxtmi.com/caselaws?id=399763 A landowner under a supplementary real estate collaboration arrangement is not treated as a financial creditor merely because flats were allotted in return for land and development rights. Financial creditor status requires a financial debt involving disbursal against the consideration for time value of money, and the allottee deeming fiction applies only where money is raised in the manner contemplated by the Code. On the admitted terms, the applicants were in the position of co-promoters rather than creditors, so inclusion in the committee of creditors was refused. The related request for handing over possession of the apartments or land was also rejected, and the applications were dismissed with interim protection vacated. en-us Wed, 26 Feb 2020 00:00:00 +0530 Mon, 19 Oct 2020 10:02:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399763 A landowner under a supplementary real estate collaboration arrangement is not treated as a financial creditor merely because flats were allotted in return for land and development rights. Financial creditor status requires a financial debt involving disbursal against the consideration for time value of money, and the allottee deeming fiction applies only where money is raised in the manner contemplated by the Code. On the admitted terms, the applicants were in the position of co-promoters rather than creditors, so inclusion in the committee of creditors was refused. The related request for handing over possession of the apartments or land was also rejected, and the applications were dismissed with interim protection vacated. Case-Laws Insolvency and Bankruptcy Wed, 26 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399763