https://www.taxtmi.com/caselaws?id=311366 Section 16B of the National Housing Bank Act was treated as creating a statutory trust over sums realised from refinanced or tagged loans, so the National Housing Bank's claim survived commencement of CIRP. The insolvency framework did not displace that entitlement because the FSP Rules and the third-party asset carve-out recognised trust property as outside the moratorium and general creditor pool. The contractual refinance documents were read as consistent with, not contrary to, the special statutory scheme, and the lender was therefore not confined to the status of an ordinary financial creditor. Tagged receivables and related securities were held to remain trust assets for the National Housing Bank and outside CIRP distribution. en-us Mon, 07 Feb 2022 00:00:00 +0530 Thu, 21 Dec 2023 21:01:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311366 Section 16B of the National Housing Bank Act was treated as creating a statutory trust over sums realised from refinanced or tagged loans, so the National Housing Bank's claim survived commencement of CIRP. The insolvency framework did not displace that entitlement because the FSP Rules and the third-party asset carve-out recognised trust property as outside the moratorium and general creditor pool. The contractual refinance documents were read as consistent with, not contrary to, the special statutory scheme, and the lender was therefore not confined to the status of an ordinary financial creditor. Tagged receivables and related securities were held to remain trust assets for the National Housing Bank and outside CIRP distribution. Case-Laws Insolvency and Bankruptcy Mon, 07 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311366