The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising Shri Justice Ashok Bhushan and Shri Barun Mitra and Shri Arun Baroka, has held that Refundable Security Deposit carrying interest in development agreement constitutes under Section 5 of IBC since the development agreement has the effect of a commercial transaction. Further, it was also argued that the respondent has …
