https://www.taxtmi.com/caselaws?id=766744 An interest-free maintenance security collected under a conveyance deed for upkeep of common areas, services, installations, passages and lifts does not amount to financial debt under the Insolvency and Bankruptcy Code unless it is disbursed against consideration for the time value of money or has the commercial effect of borrowing. The amount was linked to maintenance obligations to be performed by the vendor or nominated agency, and its character was not altered by the Haryana Apartment Ownership Act, 1983. As it was not a borrowing, a Section 7 application based on that claim was not maintainable. en-us Fri, 28 Feb 2025 00:00:00 +0530 Tue, 04 Mar 2025 07:12:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766744 An interest-free maintenance security collected under a conveyance deed for upkeep of common areas, services, installations, passages and lifts does not amount to financial debt under the Insolvency and Bankruptcy Code unless it is disbursed against consideration for the time value of money or has the commercial effect of borrowing. The amount was linked to maintenance obligations to be performed by the vendor or nominated agency, and its character was not altered by the Haryana Apartment Ownership Act, 1983. As it was not a borrowing, a Section 7 application based on that claim was not maintainable. Case-Laws IBC Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766744