The case involves an appeal against the dismissal of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Appellants, claiming to be financial creditors, sought to initiate Corporate Insolvency Resolution Process (CIRP) against Shree Sai Baba Infra Projects Pvt. Ltd. (Corporate Debtor). The application was dismissed by the National Company Law Tribunal (NCLT), Allahabad Bench, on the ground that there was no relationship of financial creditor and corporate debtor and no transaction in the nature of financial debt between the parties. The Appellants had advanced a loan to Proplarity Homes Pvt. Ltd. (PHPL), which entered into a sale deed with the Corporate Debtor. The Appellants contended that the Corporate Debtor was obligated to pay them the

The case involves an appeal against the dismissal of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Appellants, claiming to be financial creditors, sought to initiate Corporate Insolvency Resolution Process (CIRP) against Shree Sai Baba Infra Projects Pvt. Ltd. (Corporate Debtor). The application was dismissed by the National Company Law Tribunal (NCLT), Allahabad Bench, on the ground that there was no relationship of financial creditor and corporate debtor and no transaction in the nature of financial debt between the parties. The Appellants had advanced a loan to Proplarity Homes Pvt. Ltd. (PHPL), which entered into a sale deed with the Corporate Debtor. The Appellants contended that the Corporate Debtor was obligated to pay them the