https://www.taxtmi.com/caselaws?id=449721 A transaction structured as a sale of immovable property, with consideration linked to square metre pricing and adjustments for shortfall or excess realization, was treated as sale consideration rather than disbursal against the time value of money, so it did not amount to financial debt under the Insolvency and Bankruptcy Code. Even assuming allottee status in a real estate project, a section 7 application had to satisfy the amended filing threshold applicable to allottees, and compliance was not shown. On that basis, the section 7 application was held not maintainable and the rejection was upheld. en-us Fri, 16 Feb 2024 00:00:00 +0530 Mon, 19 Feb 2024 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449721 A transaction structured as a sale of immovable property, with consideration linked to square metre pricing and adjustments for shortfall or excess realization, was treated as sale consideration rather than disbursal against the time value of money, so it did not amount to financial debt under the Insolvency and Bankruptcy Code. Even assuming allottee status in a real estate project, a section 7 application had to satisfy the amended filing threshold applicable to allottees, and compliance was not shown. On that basis, the section 7 application was held not maintainable and the rejection was upheld. Case-Laws Insolvency and Bankruptcy Fri, 16 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449721