# In the matter of Propertree Real Estate Solutions Pvt. Ltd. & Ors. vs. Mr. A. Viswanadha Sarma & Ors.

> NCLAT judgment dated 2025-08-08. Citation: TCN-2025-NCLAT-00450. The appeals challenge the rejection of claims by the Adjudicating Authority (NCLT) to treat…

- **Court:** NCLAT
- **Order date:** 8 Aug 2025
- **Citation:** TCN-2025-NCLAT-00450
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/propertree-real-estate-solutions-pvt-ltd-ors-vs-mr-a-viswanadha-sarma-ors-d4c52e57

## Summary

### Background

The appeals challenge the rejection of claims by the Adjudicating Authority (NCLT) to treat certain debts as financial debts. M/s Unibera Developers Pvt. Ltd. underwent CIRP initiated by an operational creditor. The appellants, M/s Propertree Real Estate Solutions Pvt. Ltd. and Mrs. Vandana Gupta & Mr. Arun Gupta, filed claims to be treated as financial creditors, which were rejected.

## Facts

M/s Propertree Real Estate Solutions Pvt. Ltd. and Mrs. Vandana Gupta & Mr. Arun Gupta filed claims in the CIRP of M/s Unibera Developers Pvt. Ltd. seeking to be treated as financial creditors.

M/s Propertree Real Estate Solutions Pvt. Ltd. acted as an authorized broker for M/s Unibera Developers Pvt. Ltd.

The appellants booked flats in the project of the Corporate Debtor and made payments towards booking amounts.

The Corporate Debtor issued credit notes to the appellants for brokerage fees, which were later adjusted against the consideration for the flats.

The Corporate Debtor cancelled the allotment of the flats to the appellants.

The appellants initially filed a petition under Section 9 of the IBC as operational creditors.

…

## Issues and analysis

### Issue 1: Whether the debt claimed by the appellants qualifies as a 'financial debt' under Section 5(8) of …

**Ratio:** The definition of 'financial debt' under Section 5(8) requires a debt disbursed against

…

**Reasoning:** The tribunal analyzed whether the amounts claimed by the appellants were disbursed

…

**Interpretation:** The tribunal interpreted Section 5(8) in light of Supreme Court judgments,

…

**Application:** The tribunal found that the debt was primarily related to brokerage services

…

## Parties

- **Judges:** Mohd. Faiz Alam…; Arun Ba…
- **Appellants:** M/S PROPERTREE…; VANDANA…; +1 more
- **Respondents:** UNIBERA DEVELOPERS…; A. VISWANADHA…; +1 more
- **Other parties:** Directors of M/s…; Anil kumar…; +4 more
- **Advocates:** G. P. M…; Raghav S…; +5 more

## Timeline

- **2024-05-06 — Order Da…**: Order passed by the 'Adjudicating Authority' (National Company Law Tribunal, New Delhi,…
- **2023-01-13 — CIRP Commencem…**: CIRP of the CD commenced vide…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/propertree-real-estate-solutions-pvt-ltd-ors-vs-mr-a-viswanadha-sarma-ors-d4c52e57