# In the matter of Neha Khanna & Ors. vs. Tybros Infratech Pvt. Ltd. Company Appeal (AT)(Insolvency) No. 762 of 2021

> NCLAT judgment dated 2023-03-03. Citation: TCN-2023-NCLAT-00688. The appeal was filed against the order dated July 6, 2021, passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 3 Mar 2023
- **Citation:** TCN-2023-NCLAT-00688
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/neha-khanna-ors-vs-tybros-infratech-pvt-ltd-company-appeal-6667ed0e

## Summary

### Background

The appeal was filed against the order dated July 6, 2021, passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench, Allahabad) in C.P. (IB) No. 227/ALD/2019, which rejected the application filed by the Appellant. The Appellant claimed to be a financial creditor based on agreements related to the purchase of cottages in a project developed by the Respondent. The Adjudicating Authority rejected the application, leading to the present appeal.

## Facts

Neha Khanna (Appellant) filed an appeal against the order of the Adjudicating Authority, which rejected her application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Appellant had entered into agreements to purchase two cottages in a Holiday Resort developed by Tybros Infratech Pvt. Ltd. (Respondent/Corporate Debtor). Two separate Agreements to Sell were executed on April 15, 2016, for a total consideration of Rs. 76,33,000/- per cottage. The Appellant paid Rs. 22,55,000/- (inclusive of service tax) at the time of signing the agreement and a total of Rs. 45,00,000/- towards the purchase. Due to non-delivery of the cottages, the Appellant sought a refund, and an additional amount of Rs. 5,00,000/- was paid by the Appellant, which was subsumed into the

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## Issues and analysis

### Issue 1: Whether the Appellant qualifies as a financial creditor under Section 5(7) of the Insolvency and …

**Ratio:** The legal principle applied is the definition of a 'financial creditor' under Section

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**Reasoning:** The Tribunal reasoned that the Appellant, by entering into agreements to purchase

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**Interpretation:** The interpretation of Section 5(7) of the IBC is that a financial creditor must

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**Application:** The Tribunal applied the ratio to the facts by examining the agreements and

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## Parties

- **Judges:** Anant Bijay…; Kanthi Na…; +1 more
- **Appellants:** Neha Kh…
- **Respondents:** Tybros Infratech…; M/s Tybros…
- **Advocates:** Akshat B…; Shobhit T…; +1 more

## Timeline

- **2016-04-15 — Agreement t…**: Two separate Agreements to Sell were executed between the Appellant and the Corporate…
- **2018-11-20 — Loan Agre…**: A loan agreement was entered into between the Appellant and the Corporate Debtor for Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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