https://www.taxtmi.com/caselaws?id=770528 NCLAT set aside the dismissal of bank's application seeking admission of claims as financial creditor. Bank advanced housing loans to homebuyers for purchasing units in corporate debtor's project. The tripartite agreement contained clause requiring builder to refund entire advance to bank in case of default, distinguishing it from precedent cases. NCLAT held this created direct financial debt relationship between bank and corporate debtor under Section 5(8) of IBC. Non-registration of mortgage under Companies Act 2013 insufficient to deny secured creditor status. Matter remanded to tribunal for reassessment in accordance with law. en-us Thu, 09 Jan 2025 00:00:00 +0530 Tue, 13 May 2025 09:17:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770528 NCLAT set aside the dismissal of bank's application seeking admission of claims as financial creditor. Bank advanced housing loans to homebuyers for purchasing units in corporate debtor's project. The tripartite agreement contained clause requiring builder to refund entire advance to bank in case of default, distinguishing it from precedent cases. NCLAT held this created direct financial debt relationship between bank and corporate debtor under Section 5(8) of IBC. Non-registration of mortgage under Companies Act 2013 insufficient to deny secured creditor status. Matter remanded to tribunal for reassessment in accordance with law. Case-Laws IBC Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770528