https://www.taxtmi.com/caselaws?id=297034 Amounts advanced by apartment allottees in a real estate project are treated as having the commercial effect of borrowing and therefore fall within financial debt, not operational debt. On that basis, a section 9 insolvency application cannot be maintained on such a claim, because operational debt requires a due and payable unpaid liability that is not subject to a qualifying dispute. The Tribunal also noted that the petition on the record was incomplete and did not satisfy the statutory requirements for invoking the insolvency process, so the section 9 petition was rejected as not maintainable. en-us Wed, 07 Aug 2019 00:00:00 +0530 Mon, 16 Aug 2021 21:16:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297034 Amounts advanced by apartment allottees in a real estate project are treated as having the commercial effect of borrowing and therefore fall within financial debt, not operational debt. On that basis, a section 9 insolvency application cannot be maintained on such a claim, because operational debt requires a due and payable unpaid liability that is not subject to a qualifying dispute. The Tribunal also noted that the petition on the record was incomplete and did not satisfy the statutory requirements for invoking the insolvency process, so the section 9 petition was rejected as not maintainable. Case-Laws Insolvency and Bankruptcy Wed, 07 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297034