The case involved four consolidated appeals relating to two real estate companies – Gayatri Infra Planner Private Limited and Antriksh Infratech Pvt. Ltd.
Appellant Mansi Brar Fernandes had entered into a Memorandum of Understanding dated April 6, 2016, paying Rs. 35 lakh for four flats with a buyback clause that would return Rs. 1 crore within 12 months at the developer’s discretion.
Appellant Sunita Agarwal had invested Rs. 25 lakh in July 2015 under an agreement providing assured returns of 25% per annum after 24 months, with a compulsory buyback clause and profit-sharing provisions. The agreement repeatedly referred to the transaction as an “investment” with guaranteed returns.
Both appellants filed Section 7 applications under the…