https://www.taxtmi.com/caselaws?id=403813 A commercial term sheet for redevelopment services was treated as creating operational debt because it contemplated appointment of the claimant for defined project services, with payment linked to that service arrangement. The advance paid under the term sheet was therefore regarded as part of the service transaction, not a standalone financial claim. The term sheet also provided for automatic termination if the development management agreement was not executed within the stipulated time, unless extended in writing. As no valid written extension existed and the parties did not proceed on agreed terms, the refund obligation crystallised and remained unpaid, making the Section 9 application maintainable for admission. en-us Thu, 07 Jan 2021 00:00:00 +0530 Sat, 16 Oct 2021 16:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403813 A commercial term sheet for redevelopment services was treated as creating operational debt because it contemplated appointment of the claimant for defined project services, with payment linked to that service arrangement. The advance paid under the term sheet was therefore regarded as part of the service transaction, not a standalone financial claim. The term sheet also provided for automatic termination if the development management agreement was not executed within the stipulated time, unless extended in writing. As no valid written extension existed and the parties did not proceed on agreed terms, the refund obligation crystallised and remained unpaid, making the Section 9 application maintainable for admission. Case-Laws Insolvency and Bankruptcy Thu, 07 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403813