https://www.taxtmi.com/caselaws?id=295394 The Tribunal concluded that the transactions between the corporate debtor and Spade Financial Services Ltd. and AAA Landmark P. Ltd. were collusive and did not qualify as financial debt under the IBC. As a result, Spade and AAA were not considered financial creditors. The applications challenging their inclusion in the CoC were allowed, and their participation was invalidated. The Tribunal highlighted the complex relationships involved, particularly with Arun Anand's companies, making it challenging to disentangle these connections in a summary jurisdiction. en-us Fri, 19 Jul 2019 00:00:00 +0530 Wed, 02 Jun 2021 08:37:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295394 The Tribunal concluded that the transactions between the corporate debtor and Spade Financial Services Ltd. and AAA Landmark P. Ltd. were collusive and did not qualify as financial debt under the IBC. As a result, Spade and AAA were not considered financial creditors. The applications challenging their inclusion in the CoC were allowed, and their participation was invalidated. The Tribunal highlighted the complex relationships involved, particularly with Arun Anand's companies, making it challenging to disentangle these connections in a summary jurisdiction. Case-Laws Insolvency and Bankruptcy Fri, 19 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295394