# In the matter of Galaxy Cosmetics Private Limited IA-1257-IB-2020 in CP-600-IB-2018

> Read the full IBC case summary for In the matter of Galaxy Cosmetics Private Limited IA-1257-IB-2020 in CP-600-IB-2018. NCLT judgment dated 2022-04-28.…

- **Court:** NCLT
- **Order date:** 28 Apr 2022
- **Citation:** TCN-2022-NCLT-04884
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/galaxy-cosmetics-private-limited-ia-1257-ib-2020-in-cp-600-ib-2018-397b7404

## Summary

### Background

The Liquidator of Galaxy Cosmetics Private Limited filed an application seeking to recover a sum from Sri Annamalaiyar Products, which was identified as a debt owed to the Corporate Debtor based on its books of accounts.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for Galaxy Cosmetics Pvt. Ltd. was initiated on August 30, 2018, and Mr. Mathur Sabhapathy Viswanathan was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP) on October 1, 2018. The Corporate Debtor initially failed to submit its books of accounts, providing only a balance sheet on November 12, 2018, and the full books on January 12, 2019.

Upon reviewing the Corporate Debtor's books, the RP discovered that Sri Annamalaiyar Products, the Respondent, owed Rs. 72,988.64 to the Corporate Debtor. The RP subsequently approached the Respondent for a refund. On April 15, 2019, liquidation was ordered in MA/285/2019, and the Applicant was appointed as the Liquidator.

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## Issues and analysis

### Issue 1: Whether the Liquidator can pursue a claim for a debt that was previously settled between the…

**Ratio:** A claim for a debt cannot be re-agitated by a liquidator if the matter has already been…

**Reasoning:** The NCLT noted that the dispute between the parties dated back to before 2016 and that a…

**Interpretation:** The court interpreted the joint compromise memo as a conclusive settlement of…

**Application:** Given the existence of the joint compromise memo, which clearly indicated no…

## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Advocates:** Elango Jay…

## Timeline

- **February 10, 2016 — Mail sent by R…**: The Respondent addressed a mail to the Corporate Debtor requesting acknowledgment, but no…
- **June 2016 — Complaint filed by…**: The Respondent filed a complaint at…

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