Is buyer of property under a "committed return plan" a "financial creditor"? NCLAT answersJuly 24 2017
The National Company Law Appellate Tribunal (NCLAT) has remitted a case back to NCLT, Delhi which involves a question of what constitutes “financial creditor”.
In the instant case, Nikhil Mehta and Sons, the Buyer(s)/Appellant(s) had entered into different agreements/MoU(s) with AMR Infrastructure, the Respondent/Corporate Debtor, for purchase of three properties.
One of these properties was purchased by the Buyers under the “committed return plan” as per which the Buyer . . .
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