Noida: Home loans disbursed by a bank to buyers cannot be considered a financial debt owed by a project’s developer, the National Company Law Appellate Tribunal (NCLAT) has ruled, dismissing UCO Bank’s plea to be recognised as a financial creditor in the insolvency case of Bulland Buildtech Pvt Ltd, the developer of the Bulland Elevates project in Greater Noida.A two-member bench of chairperson justice Ashok Bhushan and technical member Arun Baroka upheld two orders of the National Company Law Tribunal (NCLT) that rejected the bank’s Rs 19-crore claim and approved a resolution plan for the developer submitted by Saviour Builders.Residential units at Bulland Elevates were sold between 2013 and 2015. Forty-five homebuyers took loans…
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