https://www.taxtmi.com/caselaws?id=441034 A landowner-collaborator under a development agreement is not a financial creditor unless the arrangement involves disbursal against consideration for the time value of money. The tribunal applied the Section 5(8) test under the Insolvency and Bankruptcy Code and found that contribution of land in exchange for a share in constructed area was a collaboration for development, not a borrowing transaction. On that basis, no financial debt arose and the challenge to exclusion from the Committee of Creditors failed. en-us Wed, 18 Jan 2023 00:00:00 +0530 Mon, 31 Jul 2023 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441034 A landowner-collaborator under a development agreement is not a financial creditor unless the arrangement involves disbursal against consideration for the time value of money. The tribunal applied the Section 5(8) test under the Insolvency and Bankruptcy Code and found that contribution of land in exchange for a share in constructed area was a collaboration for development, not a borrowing transaction. On that basis, no financial debt arose and the challenge to exclusion from the Committee of Creditors failed. Case-Laws Insolvency and Bankruptcy Wed, 18 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441034