# In the matter of Om Shiv Hydro Power and Constructions Pvt. Ltd. CP (IB) -211-MB-2018

> NCLT judgment dated 2018-05-17. Citation: TCN-2018-NCLT-01392. Dena Bank filed a petition against Om Shiv Hydro Power and Constructions Pvt. Ltd. for…

- **Court:** NCLT
- **Order date:** 17 May 2018
- **Citation:** TCN-2018-NCLT-01392
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/om-shiv-hydro-power-and-constructions-pvt-ltd-cp-ib-211-mb-2018-0c9aafc4

## Summary

### Background

Dena Bank filed a petition against Om Shiv Hydro Power and Constructions Pvt. Ltd. for initiating Corporate Insolvency Resolution Process (CIRP). The petition was based on the grounds that the Corporate Debtor defaulted on a loan payment due on 2015-12-20, with the outstanding amount totaling ₹7,00,72,142 as of 2017-12-31. The loan was initially sanctioned in 2013 and subsequently restructured. Dena Bank also issued a SARFAESI notice to the Corporate Debtor.

## Facts

Dena Bank, a financial creditor, filed a petition against Om Shiv Hydro Power and Constructions Pvt. Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The basis for the petition was the corporate debtor's default on a loan payment. The loan, initially sanctioned in 2013, was restructured, and the corporate debtor defaulted on 2015-12-20. The outstanding amount was ₹7,00,72,142 as of 2017-12-31. Dena Bank had converted an existing CC Hypo limit of ₹500 lakhs to a Working Capital Demand Loan with a reduction to ₹495 lakhs. The corporate debtor acknowledged the sanction of the conversion. Dena Bank also issued a SARFAESI notice dated 2016-02-03, calling upon the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor's objections regarding res judicata, limitation, suppression of facts, …

**Ratio:** The objections raised by the Corporate Debtor are not sustainable if they are unfounded,

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**Reasoning:** The court rejected the Corporate Debtor's objections based on the documents and facts

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**Interpretation:** The court interpreted the provisions of the I&B Code and the principles of

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**Application:** The court applied the ratio and reasoning to the specific facts of the case,

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Dena…
- **Respondents:** Om Shiv Hydro…; Om Shiv Hydro…

## Timeline

- **2013-01-01 — Loan Sanc…**: The loan was initially…
- **2015-03-01 — Loan Restru…**: The loan was restructured by the Bank and the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19 — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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