https://www.taxtmi.com/caselaws?id=781985 Amounts advanced under a memorandum of understanding for collaborative development of land did not constitute financial debt under the Insolvency and Bankruptcy Code because the transaction was, in substance, a joint development and profit-sharing arrangement rather than a disbursement against the time value of money or a borrowing with commercial effect. The NCLAT held that the real nature of the arrangement governs maintainability under Section 7, and subsequent disputes, arbitration, or civil proceedings do not change the character of the original transaction. The Section 7 applications were therefore not maintainable. en-us Fri, 21 Nov 2025 00:00:00 +0530 Mon, 24 Nov 2025 08:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781985 Amounts advanced under a memorandum of understanding for collaborative development of land did not constitute financial debt under the Insolvency and Bankruptcy Code because the transaction was, in substance, a joint development and profit-sharing arrangement rather than a disbursement against the time value of money or a borrowing with commercial effect. The NCLAT held that the real nature of the arrangement governs maintainability under Section 7, and subsequent disputes, arbitration, or civil proceedings do not change the character of the original transaction. The Section 7 applications were therefore not maintainable. Case-Laws IBC Fri, 21 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781985