https://www.taxtmi.com/caselaws?id=406965 A long-term land lease with instalment-based premium payments was analysed under the Insolvency and Bankruptcy Code to determine whether it amounted to a finance lease or a borrowing. The substance of the arrangement prevailed over its label: because the lessor retained ownership rights, supervisory control, cancellation powers, and control over transfer and sub-lease, the lease did not transfer substantially all risks and rewards of ownership and therefore was not a finance lease under Section 5(8)(d). The instalment structure, even with interest, also did not give the transaction the commercial effect of borrowing under Section 5(8)(f). en-us Fri, 16 Apr 2021 00:00:00 +0530 Mon, 26 Apr 2021 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406965 A long-term land lease with instalment-based premium payments was analysed under the Insolvency and Bankruptcy Code to determine whether it amounted to a finance lease or a borrowing. The substance of the arrangement prevailed over its label: because the lessor retained ownership rights, supervisory control, cancellation powers, and control over transfer and sub-lease, the lease did not transfer substantially all risks and rewards of ownership and therefore was not a finance lease under Section 5(8)(d). The instalment structure, even with interest, also did not give the transaction the commercial effect of borrowing under Section 5(8)(f). Case-Laws Insolvency and Bankruptcy Fri, 16 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406965