https://www.taxtmi.com/caselaws?id=406953 A single homebuyer could not maintain a section 7 application after the collective filing threshold for homebuyers was not met, and the petition failed on that basis. A decree holder could not use section 7 to execute an adjudicated claim because a decree does not itself create a financial debt arising from the time value of money, so the applicant was not a financial creditor for CIRP purposes. A tripartite bank arrangement also prevented the petitioner from proceeding alone, as the bank retained the relevant repayment rights and was a necessary party. The section 7 application was held not maintainable, leaving other legal remedies open. en-us Wed, 24 Mar 2021 00:00:00 +0530 Mon, 28 Oct 2024 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406953 A single homebuyer could not maintain a section 7 application after the collective filing threshold for homebuyers was not met, and the petition failed on that basis. A decree holder could not use section 7 to execute an adjudicated claim because a decree does not itself create a financial debt arising from the time value of money, so the applicant was not a financial creditor for CIRP purposes. A tripartite bank arrangement also prevented the petitioner from proceeding alone, as the bank retained the relevant repayment rights and was a necessary party. The section 7 application was held not maintainable, leaving other legal remedies open. Case-Laws IBC Wed, 24 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406953