https://www.taxtmi.com/caselaws?id=406237 Project documents showed that the developer retained substantive rights, authorised its marketing arm to market, sell and collect payments on its behalf, and remained responsible for completion and conveyance. On that basis, amounts paid by a home buyer through the marketing arm were treated as financial debt with the commercial effect of borrowing, making the home buyer a financial creditor and the developer the corporate debtor. The insolvency process was also found maintainable against the developer because the project remained incomplete and possession had not been delivered; in a real estate matter, the process was confined to the specific project and its assets. en-us Thu, 08 Apr 2021 00:00:00 +0530 Thu, 08 Apr 2021 21:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406237 Project documents showed that the developer retained substantive rights, authorised its marketing arm to market, sell and collect payments on its behalf, and remained responsible for completion and conveyance. On that basis, amounts paid by a home buyer through the marketing arm were treated as financial debt with the commercial effect of borrowing, making the home buyer a financial creditor and the developer the corporate debtor. The insolvency process was also found maintainable against the developer because the project remained incomplete and possession had not been delivered; in a real estate matter, the process was confined to the specific project and its assets. Case-Laws Insolvency and Bankruptcy Thu, 08 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406237