https://www.taxtmi.com/caselaws?id=407435 A high seas sale agreement for import of goods was treated as a commercial import transaction, with title passing while goods were in transit. On that basis, the arrangement could not be re-characterised as a financial arrangement giving rise to a financial debt under the Insolvency and Bankruptcy Code. The applicant therefore could not be regarded as a financial creditor for Section 7 purposes. The existence of a pledge arrangement, loan documents, an arbitral award and later correspondence did not change the character of the underlying transaction, and the Section 7 petition was held not maintainable. en-us Tue, 27 Apr 2021 00:00:00 +0530 Tue, 11 May 2021 08:36:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407435 A high seas sale agreement for import of goods was treated as a commercial import transaction, with title passing while goods were in transit. On that basis, the arrangement could not be re-characterised as a financial arrangement giving rise to a financial debt under the Insolvency and Bankruptcy Code. The applicant therefore could not be regarded as a financial creditor for Section 7 purposes. The existence of a pledge arrangement, loan documents, an arbitral award and later correspondence did not change the character of the underlying transaction, and the Section 7 petition was held not maintainable. Case-Laws Insolvency and Bankruptcy Tue, 27 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407435