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Real estate plot payment obligations not deemed financial debt, affecting allottees' status in insolvency cases.

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Full Text of the Document

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....Rejection of section 7 application - Existence of financial debt or not - status of allottee for sale of plots (real estate project) - The Adjudicating Authority has also rightly come to the conclusion that obligation of payments of money under the agreement of sale by no stretch of imagination can be construed as a financial debt.....

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