https://www.taxtmi.com/caselaws?id=435062 The real character of a transaction in insolvency proceedings may be determined from the entire documentation and surrounding circumstances, not merely its form. On that basis, the arrangement was treated as a loan secured by mortgage rather than a completed sale, with the flats regarded as security for debenture exposure. The text also indicates that, once the committee of creditors has approved a resolution plan, a secured creditor who participated in the process cannot later seek to amend the information memorandum to exclude assets. A belated alteration at that stage was rejected as inconsistent with the statutory resolution framework and potentially prejudicial to similarly placed stakeholders. en-us Wed, 25 Jan 2023 00:00:00 +0530 Sat, 11 Mar 2023 08:47:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435062 The real character of a transaction in insolvency proceedings may be determined from the entire documentation and surrounding circumstances, not merely its form. On that basis, the arrangement was treated as a loan secured by mortgage rather than a completed sale, with the flats regarded as security for debenture exposure. The text also indicates that, once the committee of creditors has approved a resolution plan, a secured creditor who participated in the process cannot later seek to amend the information memorandum to exclude assets. A belated alteration at that stage was rejected as inconsistent with the statutory resolution framework and potentially prejudicial to similarly placed stakeholders. Case-Laws Insolvency and Bankruptcy Wed, 25 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435062