# In the matter of DPL Builders Pvt. Ltd. C.P. No. IB-307-(ND)-2017

> NCLT judgment dated 2017-12-08. Citation: TCN-2017-NCLT-00083. Anubhuti Aggarwal, claiming to be a Financial Creditor, filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 8 Dec 2017
- **Citation:** TCN-2017-NCLT-00083
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dpl-builders-pvt-ltd-cp-no-ib-307-nd-2017-7336f507

## Summary

### Background

Anubhuti Aggarwal, claiming to be a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) to initiate the Corporate Insolvency Resolution Process (CIRP) against DPL Builders Pvt. Ltd., the Corporate Debtor. The claim arose from an investment made by the Financial Creditor in relation to the development of a project by the Corporate Debtor. The Corporate Debtor assured repayment and provided a collateral security in the form of a flat. Post-dated cheques were issued but later dishonored. A mutual agreement was formalized, and more cheques were issued, which were also dishonored. A notice was sent to the Corporate Debtor, but no response was received, leading the Financial Creditor to approach the Tribunal.

## Facts

On 2015-06-18, Anubhuti Aggarwal (Financial Creditor) invested Rs. 25,00,000 with DPL Builders Pvt. Ltd. (Corporate Debtor) for the development of the PDL Flora Heritage project in Greater Noida. The Corporate Debtor assured repayment and provided a flat as collateral security. Post-dated cheques were issued commencing from 2016-09-22. On 2017-04-10, an oral understanding was formalized into a written agreement. Cheques issued related to this agreement, dated 2017-03-22 and 2017-06-22, were dishonored due to insufficient funds. A cheque for Rs. 25,00,000 was also dishonored. A notice was sent to the Corporate Debtor on 2017-07-08, but no response was received. The Financial Creditor filed an application on 2017-08-24. The Corporate Debtor contended that the amount was

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## Issues and analysis

### Issue 1: Whether the Petitioner can be classified as a Financial Creditor under Section 7 of the Insolvency …

**Ratio:** The legal principle applied is the definition of 'financial debt' under Section 5(8) of

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**Reasoning:** The Tribunal reasoned that the agreement between the parties was more of a money

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**Interpretation:** The interpretation of Section 5(8) of the IBC, 2016, is that it encompasses

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**Application:** The Tribunal applied the ratio to the facts by noting that the agreement

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## Parties

- **Judges:** R. VARADH…
- **Appellants:** Anubhuti Ag…
- **Respondents:** DPL Builders Pvt.…

## Timeline

- **2015-06-18 — Investment by Financial…**: Anubhuti Aggarwal invested Rs.…
- **2016-09-22 — Commencement of…**: Post-dated cheques were issued by DPL…

## 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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