https://www.taxtmi.com/caselaws?id=405665 Amounts paid under registered agreements for sale were not treated as a financial debt because only a small advance had been paid, the balance consideration remained unpaid, and no material showed entitlement to possession or fulfilment of the contractual conditions. The claim was characterised, at most, as one for refund or contractual enforcement rather than a financial creditor claim under the Insolvency and Bankruptcy Code, 2016. On that footing, the Section 7 petition was held not maintainable for initiation of corporate insolvency resolution process, as the record also did not show insolvency of the corporate debtor and the dispute remained contractual in nature. en-us Tue, 16 Mar 2021 00:00:00 +0530 Thu, 25 Mar 2021 09:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405665 Amounts paid under registered agreements for sale were not treated as a financial debt because only a small advance had been paid, the balance consideration remained unpaid, and no material showed entitlement to possession or fulfilment of the contractual conditions. The claim was characterised, at most, as one for refund or contractual enforcement rather than a financial creditor claim under the Insolvency and Bankruptcy Code, 2016. On that footing, the Section 7 petition was held not maintainable for initiation of corporate insolvency resolution process, as the record also did not show insolvency of the corporate debtor and the dispute remained contractual in nature. Case-Laws Insolvency and Bankruptcy Tue, 16 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405665