# In the matter of Mansi Brar Fernandes vs. Shubha Sharma and Anr.

> SC judgment dated 2025-09-12. Citation: TCN-2025-SC-00087. The case involves multiple civil appeals arising from orders passed by the National Company Law…

- **Court:** SC
- **Order date:** 12 Sept 2025
- **Citation:** TCN-2025-SC-00087
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/mansi-brar-fernandes-vs-shubha-sharma-and-anr-374878e1

## Summary

### Background

The case involves multiple civil appeals arising from orders passed by the National Company Law Appellate Tribunal (NCLAT). The appeals concern the initiation of insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC) by homebuyers/financial creditors against corporate debtors.

## Facts

Mansi Brar Fernandes filed a Section 7 IBC petition against Gayatri Infra Planner Pvt. Ltd. based on a Memorandum of Understanding (MoU) involving a buy-back clause for four flats.

The NCLAT reversed the admission of Mansi Brar Fernandes's application, deeming her a 'speculative investor'.

Sunita Agarwal filed a Section 7 IBC petition against Antriksh Infratech Pvt. Ltd. based on an MoU with assured returns.

The NCLAT set aside the admission of Sunita Agarwal's application, also deeming her a 'speculative investor'.

The IBC was amended to introduce a threshold requirement for allottees to initiate CIRP.

Another Section 7 IBC petition filed by Amit Joshi and others against Gayatri Infra Planner Pvt. Ltd. was admitted, and a CIRP is ongoing.

…

## Issues and analysis

### Issue 1: Whether Mansi Brar Fernandes and Sunita …

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

…

**Reasoning:** The MoUs executed by Mansi Brar Fernandes and Sunita Agarwal revealed that possession was

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**Interpretation:** A speculative investor is one who intends to evade possession and 'jump ship',

…

**Application:** Based on the facts, Mansi Brar Fernandes and Sunita Agarwal were deemed

…

## Parties

- **Judges:** R. MAHA…; J.B. PARD…
- **Appellants:** MANSI BRAR…; SHUBHA S…; +3 more
- **Respondents:** Gayatri Infra…; Antriksh Infratech…; +4 more
- **Other parties:** Modif…

## Timeline

- **2020-11-17 — NCLAT Or…**: NCLAT passed an order dated 17.11.2020 in…
- **2020-12-11 — Supreme Cour…**: Supreme Court granted an ad-interim direction in Civil Appeal No. 3826 of 2020, confining…

## Legal provisions

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

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