Advance paid by Speculative Buyer in Real Estate not Financial Debt under IBC: NCLAT [Read Order]

Advance Paid by Speculative Buyer in Real Estate not Financial Debt Under IBC, rules NCLAT
Advance - Speculative Buyer - Real Estate - Financial Debt under IBC - NCLAT - taxscan

The New Delhi Bench of the National Company Law Appellate Tribunal ( NCLAT ) observed that advance paid by speculative buyer in real estate not financial debt under the Insolvency and Bankruptcy Code, 2106 ( IBC ). It is alleged by the Appellant he had made advance payment of Rs.5 crores through two cheques drawn…

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