https://www.taxtmi.com/caselaws?id=294925 An advance paid for purchase of a unit in an already completed building was not a financial debt under the Insolvency and Bankruptcy Code, 2016, because the transaction was only an intended sale arrangement and not a borrowing with consideration for the time value of money. The deeming fiction for amounts raised from allottees in a real estate project did not apply, as the building was complete and the transaction was not part of a real estate project within the Act. Any default, at most, gave rise to a recoverable debt, so a section 7 application was not maintainable. en-us Wed, 20 Nov 2019 00:00:00 +0530 Fri, 18 Jun 2021 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294925 An advance paid for purchase of a unit in an already completed building was not a financial debt under the Insolvency and Bankruptcy Code, 2016, because the transaction was only an intended sale arrangement and not a borrowing with consideration for the time value of money. The deeming fiction for amounts raised from allottees in a real estate project did not apply, as the building was complete and the transaction was not part of a real estate project within the Act. Any default, at most, gave rise to a recoverable debt, so a section 7 application was not maintainable. Case-Laws Insolvency and Bankruptcy Wed, 20 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294925