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Amount raised from allottee under real estate project is covered by definition of financial debt under IBC

March 1, 2019[2019] 102 395 (NCLT - New Delhi)

CL : In terms of Explanation to section 5(8)(f) introduced with effect from 6-6-2018, any amount raised from an allottee under a real estate project is deemed to be an amount having commercial effect of borrowing covered by definition of 'Financial debt' and, therefore home buyers can initiate Corporate Insolvency Resolution Process against defaulting builder or developer, as 'Financial creditor' in terms of Explanation to section 5(8)(f)

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