Loan Disbursed to Individual Borrower, Not Builder; IHFL's Section 7 Insolvency Application Ruled Unmaintainable.

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....Initiation of CIRP - financial creditor or not - Admittedly the appellant, IHFL, has disbursed the amount for consideration of time value of money in favour of borrower, Individual and not to the builder. Therefore, the builder is not the corporate debtor of the appellant and the application u/s 7 of I&B Code is not maintainable.....