The amount invested in Joint Venture Project by Promotor and Investor does not fall within the ambit of the definition of ‘Financial Debt’ as defined under Section 5(8) of the Code – M/s Jagbasera Infratech Pvt. Ltd. Vs. Rawal Variety Construction Ltd. – NCLAT New Delhi
NCLAT held that keeping in view the ratio of the aforenoted Judgement and having regard to the terms and conditions of the Memorandum of Understanding and the Joint Venture Agreement entered into between the parties, this Tribunal is of the considered view that the amount invested in the Joint Venture Project by the Appellant herein in his capacity as a Promotor and Investor does not fall within the ambit of the definition of ‘Financial Debt’ as defined under Section 5(8) of the Code
