https://www.taxtmi.com/caselaws?id=419372 A section 9 insolvency petition was held not maintainable where the parties' arrangement was a joint development venture with reciprocal obligations, not a service contract giving rise to an operational debt. The landowner contributed land and the developer undertook construction, approvals, marketing and sale, while the agreement provided for sharing of sale proceeds, unsold stock and ancillary receipts. The claimed amounts arose from project accounts and contractual revenue-sharing mechanisms, which did not constitute dues for goods, services or other operational liabilities under sections 5(20) and 5(21) of the Insolvency and Bankruptcy Code. The arbitration clause and the contractual structure further showed an inter se business liability dispute under the joint venture framework. en-us Tue, 22 Feb 2022 00:00:00 +0530 Thu, 10 Mar 2022 08:18:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419372 A section 9 insolvency petition was held not maintainable where the parties' arrangement was a joint development venture with reciprocal obligations, not a service contract giving rise to an operational debt. The landowner contributed land and the developer undertook construction, approvals, marketing and sale, while the agreement provided for sharing of sale proceeds, unsold stock and ancillary receipts. The claimed amounts arose from project accounts and contractual revenue-sharing mechanisms, which did not constitute dues for goods, services or other operational liabilities under sections 5(20) and 5(21) of the Insolvency and Bankruptcy Code. The arbitration clause and the contractual structure further showed an inter se business liability dispute under the joint venture framework. Case-Laws Insolvency and Bankruptcy Tue, 22 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419372