Advance to Corporate Debtor for sharing profit in real estate project doesn’t qualify as financial debt

Meck Pharmaceuticals And Chemicals Private Limited Vs Accurate Infrabuild Private Limited (NCLAT Delhi) NCLAT Delhi held that amount advance to Corporate Debtor with view to share profit in real estate project doesn’t qualify as financial debt u/s. 5(8) of the Insolvency and Bankruptcy Code. Thus, application u/s. 7 rightly rejected. Facts- The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 by the Appellant arises out of the Order dated 17.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench-II) in Company Petition (IB) No...