https://www.taxtmi.com/caselaws?id=752799 NCLAT dismissed appeal challenging rejection of Section 7 application under IBC 2016. Appellants advanced loan to PHPL, not to respondent corporate debtor, establishing no privity of contract between parties. Sale deed clause 35 indicated vendee should pay confirming party, but appellants alleged non-payment by vendor. NCLAT held no financial creditor-debtor relationship existed to trigger CIRP under Section 7. Tribunal correctly dismissed application as case fell outside IBC provisions. Appellants granted liberty to pursue alternative recovery remedies. Appeal dismissed for lack of merit. en-us Thu, 16 May 2024 00:00:00 +0530 Sat, 18 May 2024 06:50:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752799 NCLAT dismissed appeal challenging rejection of Section 7 application under IBC 2016. Appellants advanced loan to PHPL, not to respondent corporate debtor, establishing no privity of contract between parties. Sale deed clause 35 indicated vendee should pay confirming party, but appellants alleged non-payment by vendor. NCLAT held no financial creditor-debtor relationship existed to trigger CIRP under Section 7. Tribunal correctly dismissed application as case fell outside IBC provisions. Appellants granted liberty to pursue alternative recovery remedies. Appeal dismissed for lack of merit. Case-Laws Insolvency and Bankruptcy Thu, 16 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752799