https://www.taxtmi.com/caselaws?id=758322 Money advanced under a term sheet for clearing title to land and facilitating a proposed joint development was not financial debt under the Insolvency and Bankruptcy Code, 2016 because the record did not show a loan transaction or treatment of the amount as borrowing in financial statements. The arrangement was characterised as an investment linked to the development project, lacking the essential attributes of debt. As a result, a petition under Section 7 was not maintainable and the dismissal of the insolvency application was upheld. en-us Mon, 09 Sep 2024 00:00:00 +0530 Thu, 12 Sep 2024 07:56:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758322 Money advanced under a term sheet for clearing title to land and facilitating a proposed joint development was not financial debt under the Insolvency and Bankruptcy Code, 2016 because the record did not show a loan transaction or treatment of the amount as borrowing in financial statements. The arrangement was characterised as an investment linked to the development project, lacking the essential attributes of debt. As a result, a petition under Section 7 was not maintainable and the dismissal of the insolvency application was upheld. Case-Laws IBC Mon, 09 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758322