Supreme Court Dismisses Bank's Appeal in Insolvency Case — Holds Dispute Predominantly Contractual, Not a Straightforward Financial Debt Default Under IBC. The Court ruled that where loan disbursement is made directly to a builder under a quadripartite agreement and the corporate debtor's obligations are intertwined with the builder's performance, the transaction does not constitute a simple financial debt under Section 7 of the Insolvency and Bankruptcy Code, 2016....
The Supreme Court dismissed the appeal filed by Dhanlaxmi Bank Limited against the order of the National Company Law Appellate Tribunal (NCLAT) which had set aside the admission of a Corporate Insolve...
