NCLAT Denies UCO Bank’s Claim in Bulland Buildtech Case
NOIDA: The National Company Law Appellate Tribunal (NCLAT) has determined that home loans issued by a bank to buyers do not constitute a financial debt owed by a project’s developer. This ruling came as it rejected UCO Bank’s request to be recognized as a financial creditor in the insolvency case of Bulland Buildtech Pvt Ltd, the firm behind the Bulland Elevates project in Greater Noida. A bench consisting of chairperson Justice Ashok Bhushan and technical member Arun Baroka upheld decisions from the National Company Law Tribunal (NCLT) that denied the bank’s Rs 19 crore claim and approved a resolution plan…