NCLAT Rejects Bank’s Claim as Financial Creditor Due to Lack of Builder Repayment Obligation

UCO Bank Vs Debashish Nanda (NCLAT Delhi) The case concerns the ruling of the NCLAT, Principal Bench, in UCO Bank v. Debashish Nanda, RP Bulland Buildtech Pvt. Ltd., where the Tribunal held that home loans disbursed by UCO Bank to individual buyers do not constitute a financial debt owed by the real-estate developer, Bulland Buildtech Pvt. Ltd. The decision dismissed UCO Bank’s request to be recognised as a Financial Creditor in the CIRP of the developer. Bulland Buildtech Pvt. Ltd. developed a residential project called “Bulland Elevates.” Several homebuyers entered Tripartite Agreement...