Kasun, can you tell us what are you trying to do? or is this just academic interest?
New-NetLbfoTeam creates a NIC team. This is something you can do separate and apart from the Hyper-V role. So, a physical or virtual computer can have a NIC team (or more) that provide features like bandwidth aggregation, network load balancing, and network fault tolerance. This is much more commonly used than New-NetSwitchTeam
New-NetSwitchTeam creates a switch team. This is something you can create on a physical computer (only) that has the Hyper-V role installed. It is controlled by a Hyper-V extensible switch forwarding extension. This is rarely used.
So, if you're trying to do NIC teaming you should use New-NetLbfoTeam