The NCLAT ruled that home loans disbursed by UCO Bank to buyers are not a financial debt of developer Bulland Buildtech. Upholding NCLT orders, the tribunal dismissed UCO Bank’s plea to be a financial creditor in the developer’s insolvency case. Tripartite agreements did not create repayment obligations for the builder.
NCLAT rejects UCO Bank claim in Bulland Buildtech insolvency case
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