https://www.taxtmi.com/caselaws?id=407368 The National Company Law Tribunal, Chennai Bench, dismissed an application under Section 7 of the Insolvency and Bankruptcy Code, ruling that the advance payment made for the purchase of properties did not constitute a financial debt as defined in Section 5(8) of the IBC. The Tribunal found that the transaction between the parties was for the purchase of properties, altering the nature of the relationship and excluding it from the scope of financial debt under the IBC. Consequently, the application for Corporate Insolvency Resolution Process was rejected. en-us Thu, 29 Apr 2021 00:00:00 +0530 Sat, 08 May 2021 08:18:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407368 The National Company Law Tribunal, Chennai Bench, dismissed an application under Section 7 of the Insolvency and Bankruptcy Code, ruling that the advance payment made for the purchase of properties did not constitute a financial debt as defined in Section 5(8) of the IBC. The Tribunal found that the transaction between the parties was for the purchase of properties, altering the nature of the relationship and excluding it from the scope of financial debt under the IBC. Consequently, the application for Corporate Insolvency Resolution Process was rejected. Case-Laws Insolvency and Bankruptcy Thu, 29 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407368