https://www.taxtmi.com/caselaws?id=296651 Amounts raised from an allottee in a real estate project are deemed to have the commercial effect of borrowing under Section 5(8)(f) IBC, but that protection was applied to homebuyers rather than landowners under a development collaboration arrangement. On the stated facts, the applicants retained legal possession, supervisory rights, approval control, escrow participation, and received project area as consideration, so they were treated as promoters or co-venturers, not allottees under RERA. Their claim therefore did not amount to a financial debt under Section 5(8)(f), and a Section 7 petition would not be maintainable on that basis. en-us Wed, 10 Jul 2019 00:00:00 +0530 Sat, 31 Jul 2021 09:50:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296651 Amounts raised from an allottee in a real estate project are deemed to have the commercial effect of borrowing under Section 5(8)(f) IBC, but that protection was applied to homebuyers rather than landowners under a development collaboration arrangement. On the stated facts, the applicants retained legal possession, supervisory rights, approval control, escrow participation, and received project area as consideration, so they were treated as promoters or co-venturers, not allottees under RERA. Their claim therefore did not amount to a financial debt under Section 5(8)(f), and a Section 7 petition would not be maintainable on that basis. Case-Laws Insolvency and Bankruptcy Wed, 10 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296651