Ms. Anubhuti Aggarwal claimed to be a Financial Creditor and filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against DPL Builders Pvt. Ltd. (Corporate Debtor). The Adjudicating Authority admitted the application and initiated a Corporate Insolvency Resolution Process (CIRP). The Director of DPL Builders Pvt. Ltd. appealed the order. The appellant argued that Ms. Aggarwal did not qualify as a 'Financial Creditor' because the agreement was for selling flats, not an investment or borrowing. An agreement was reached on December 5, 2017, prior to the impugned order, regarding payment to the respondent by December 12, 2017. The Adjudicating Authority relied on clause 9 of the agreement. The key fact is the nature of the transaction between

Ms. Anubhuti Aggarwal claimed to be a Financial Creditor and filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against DPL Builders Pvt. Ltd. (Corporate Debtor). The Adjudicating Authority admitted the application and initiated a Corporate Insolvency Resolution Process (CIRP). The Director of DPL Builders Pvt. Ltd. appealed the order. The appellant argued that Ms. Aggarwal did not qualify as a 'Financial Creditor' because the agreement was for selling flats, not an investment or borrowing. An agreement was reached on December 5, 2017, prior to the impugned order, regarding payment to the respondent by December 12, 2017. The Adjudicating Authority relied on clause 9 of the agreement. The key fact is the nature of the transaction between