https://www.taxtmi.com/caselaws?id=400830 A Section 7 insolvency application by a single real estate allottee was treated as maintainable on the facts, because the 2019 Ordinance and 2020 Amendment did not defeat a petition already pending when the amendment came into force. The memorandum of understanding was construed as a buyback arrangement, not a conventional agreement for sale, since it provided for compulsory repurchase, post-dated cheques, and transfer or resale rights. On the evidence, the claimant was found to be a speculative investor rather than a genuine allottee, so the insolvency claim could not proceed as that of a financial creditor and the admission order was set aside. en-us Tue, 17 Nov 2020 00:00:00 +0530 Fri, 20 Nov 2020 12:48:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400830 A Section 7 insolvency application by a single real estate allottee was treated as maintainable on the facts, because the 2019 Ordinance and 2020 Amendment did not defeat a petition already pending when the amendment came into force. The memorandum of understanding was construed as a buyback arrangement, not a conventional agreement for sale, since it provided for compulsory repurchase, post-dated cheques, and transfer or resale rights. On the evidence, the claimant was found to be a speculative investor rather than a genuine allottee, so the insolvency claim could not proceed as that of a financial creditor and the admission order was set aside. Case-Laws Insolvency and Bankruptcy Tue, 17 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400830