# Mansi Brar Fernandes & Anr. vs. Shubha Sharma & Ors.

> SC judgment dated 2025-09-12. Citation: TCN-2025-SC-00121. This judgment disposes of four appeals heard together by the Supreme Court of India. The first…

- **Court:** SC
- **Order date:** 12 Sept 2025
- **Citation:** TCN-2025-SC-00121
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/mansi-brar-fernandes-anr-vs-shubha-sharma-ors-vqc3x

## Summary

### Background

This judgment disposes of four appeals heard together by the Supreme Court of India. The first three appeals (C.A. No. 3826 of 2020, C.A. No. 540 of 2021, and C.A. No. 5495 of 2025) arose from a NCLAT order dated 17.11.2020 in Company Appeal (AT) (Insolvency) No. 83 of 2020. The fourth appeal (C.A. No. 3903 of 2022) was against another NCLAT order dated 12.08.2021 in Company Appeal (AT) (Insolvency) No. 1020 of 2019. Mansi Brar Fernandes (appellant in C.A. No. 3826 of 2020) and Sunita Agarwal (appellant in C.A. No. 3903 of 2022), both homebuyers/financial creditors, had their Section 7 IBC applications reversed by the NCLAT, which held them to be "speculative investors." Cross-appeals were filed by Shubha Sharma and Ashlesh Gupta (directors of Gayatri Infra

…

## Facts

Mansi Brar Fernandes (appellant in C.A. No. 3826 of 2020) entered into a Memorandum of Understanding (MoU) dated 06.04.2016 with Gayatri Infra Planner Pvt. Ltd. (Respondent No. 2 / Corporate Debtor) for a buy-back agreement for four flats in 'Gayatri Life'.

She paid Rs. 35,00,000/- as part consideration, and the MoU included a buy-back clause exercisable solely at the Corporate Debtor's discretion, entitling her to possession without additional payment if the option was not exercised.

The MoU was extended twice, on 07.04.2017 and 07.10.2017, but neither flats were delivered nor payment made, and post-dated cheques worth Rs. 1 crore issued by the Corporate Debtor were dishonoured.

…

## Issues and analysis

### Issue 1: Whether the appellants, Mansi Brar Fernandes and Sunita Agarwal, fall within the category of …

**Ratio:** Speculative investors, whose primary intent is assured returns or profit rather than

…

**Reasoning:** The determination of whether an allottee is a speculative investor depends on the facts

…

**Interpretation:** An allottee is likely a speculative investor if the agreement substitutes

…

**Application:** Mansi Brar Fernandes' MoU stipulated a buyback whereby Rs. 35 lakhs invested

…

## Parties

- **Judges:** R. MAHADEV…; J.B. PARD…; +1 more
- **Appellants:** ASHLESH…; Sunita Ag…; +2 more
- **Respondents:** Gayatri Infra…; Antriksh Infratech…; +3 more
- **Other parties:** Allot…; Gayatri Life…

## Timeline

- **2016-04-06 — MoU between Mansi Brar Fernandes and Gayatri…**: Mansi Brar Fernandes and Gayatri Infra Planner Pvt. Ltd. entered into a Memorandum of…
- **2017-04-07 — First MoU Ex…**: The MoU between Mansi Brar Fernandes and Gayatri Infra Planner Pvt. Ltd. was extended for…

## 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/supreme-court-of-india/mansi-brar-fernandes-anr-vs-shubha-sharma-ors-vqc3x