https://www.taxtmi.com/caselaws?id=427961 A claim arising under a development agreement did not amount to financial debt under the Insolvency and Bankruptcy Code because financial debt requires disbursal against consideration for the time value of money, and the real estate allottee deeming fiction applies only where that basic character exists. The landowners' entitlement to flats and commercial units in lieu of their share in the constructed area did not convert the arrangement into a financial debt, so their exclusion from the Committee of Creditors was upheld. Adverse observations against the resolution professional were also not expunged because they were confined to the facts and no mala fides were found. The appeals failed and the adjudicating authority's order stood. en-us Mon, 19 Sep 2022 00:00:00 +0530 Wed, 21 Sep 2022 07:39:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427961 A claim arising under a development agreement did not amount to financial debt under the Insolvency and Bankruptcy Code because financial debt requires disbursal against consideration for the time value of money, and the real estate allottee deeming fiction applies only where that basic character exists. The landowners' entitlement to flats and commercial units in lieu of their share in the constructed area did not convert the arrangement into a financial debt, so their exclusion from the Committee of Creditors was upheld. Adverse observations against the resolution professional were also not expunged because they were confined to the facts and no mala fides were found. The appeals failed and the adjudicating authority's order stood. Case-Laws Insolvency and Bankruptcy Mon, 19 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427961