# In the matter of Kamal Dutta Vs. Anubhuti Aggarwal & Anr. CA (AT) No. 329-2017

> NCLAT judgment dated 2018-01-11. Citation: TCN-2018-NCLAT-00400. Ms. Anubhuti Aggarwal, claiming to be a Financial Creditor, filed an application under…

- **Court:** NCLAT
- **Order date:** 11 Jan 2018
- **Citation:** TCN-2018-NCLAT-00400
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/kamal-dutta-vs-anubhuti-aggarwal-anr-ca-5a2dadfd

## Summary

### Background

Ms. Anubhuti Aggarwal, claiming to be a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) against DPL Builders Pvt. Ltd. (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), New Delhi, admitted the application and passed an order of moratorium, appointing an Interim Resolution Professional. The Director of DPL Builders Pvt. Ltd. (Corporate Debtor) appealed this order.

## Facts

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

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## Issues and analysis

### Issue 1: Whether Ms. Anubhuti Aggarwal qualifies as a 'Financial Creditor' under the Insolvency and …

**Ratio:** The essential requirement under sub-section (8) of Section 5 of the I&B Code is that

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**Reasoning:** The Adjudicating Authority did not adequately discuss whether the amount of Rs.

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**Interpretation:** The interpretation of 'Financial Creditor' hinges on whether the transaction

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**Application:** In this case, the Appellate Tribunal found that the Adjudicating Authority

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Kamal D…
- **Respondents:** DPL Builders Pvt.…; Anubhuti Ag…

## Timeline

- **2017-12-05 — Agreement R…**: An agreement was reached between the Corporate Debtor and Ms. Anubhuti Aggarwal regarding…
- **2017-12-08 — Impugned…**: The Adjudicating Authority passed the impugned order admitting the application and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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