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IBHC couldn't be said to be financial creditor of builder as it had disbursed loan to home buyers

June 1, 2019[2019] 108 taxmann.com 57 (NCL-AT)
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IBC: Where a tripartite agreement was executed between appellant, respondent/builder and borrower and in terms of said tripartite agreement, borrower and respondent were jointly and severally liable for repayment, since appellant disbursed amount for consideration of time value of money in favour of borrower, Adjudicating Authority had rightly held that respondent was not corporate debtor to appellant and therefore, application under section 7 against respondent was not maintainable

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