https://www.taxtmi.com/highlights?id=74721 Initiation of CIRP u/s 7 of the IBC - financial debt or not - Period of limitation - Advance paid subject to execution of the share purchase agreement - NCLT rejected the application as the appellant does not falling within the category of financial creditor - The tribunal highlighted that the transaction was ostensibly for the purchase of a specific property, and the appellant should have asserted its rights within the stipulated three-year period. Since no default date was established, and the transaction did not meet the criteria of financial debt, the tribunal upheld the order of NCLT. en-us Thu, 08 Feb 2024 08:11:36 +0530 Thu, 08 Feb 2024 08:11:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74721 Initiation of CIRP u/s 7 of the IBC - financial debt or not - Period of limitation - Advance paid subject to execution of the share purchase agreement - NCLT rejected the application as the appellant does not falling within the category of financial creditor - The tribunal highlighted that the transaction was ostensibly for the purchase of a specific property, and the appellant should have asserted its rights within the stipulated three-year period. Since no default date was established, and the transaction did not meet the criteria of financial debt, the tribunal upheld the order of NCLT. Highlights Insolvency and Bankruptcy Thu, 08 Feb 2024 08:11:36 +0530 https://www.taxtmi.com/highlights?id=74721