https://www.taxtmi.com/caselaws?id=754974 A commercial space allottee in a real estate project remains an allottee for insolvency purposes even where the investment carries an assured return clause. The second proviso to Section 7(1) of the Insolvency and Bankruptcy Code, read with the allottee concept under the Real Estate (Regulation and Development) Act through Section 5(8)(f) of the Code, applies to such claims where the underlying relationship is still based on the allotment. A separate MOU or assured return characterisation cannot be used to bypass the statutory threshold for filing a Section 7 application. Where the application is not filed by the requisite number of allottees, it is not maintainable. en-us Tue, 02 Jul 2024 00:00:00 +0530 Wed, 03 Jul 2024 14:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754974 A commercial space allottee in a real estate project remains an allottee for insolvency purposes even where the investment carries an assured return clause. The second proviso to Section 7(1) of the Insolvency and Bankruptcy Code, read with the allottee concept under the Real Estate (Regulation and Development) Act through Section 5(8)(f) of the Code, applies to such claims where the underlying relationship is still based on the allotment. A separate MOU or assured return characterisation cannot be used to bypass the statutory threshold for filing a Section 7 application. Where the application is not filed by the requisite number of allottees, it is not maintainable. Case-Laws Insolvency and Bankruptcy Tue, 02 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754974