# 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-01387. 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-01387
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/om-shiv-hydro-power-and-constructions-pvt-ltd-cp-ib-211-mb-2018-1099e37b

## 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 filed based on the corporate debtor's default in loan repayment, amounting to ₹7,00,72,142 as of 31.12.2017. The loan was initially sanctioned in 2013 and restructured in 2015. Dena Bank had also issued a SARFAESI notice to the Corporate Debtor.

## Facts

Dena Bank extended credit facilities to Om Shiv Hydro Power and Constructions Pvt. Ltd. The Corporate Debtor defaulted on loan repayments, with outstanding dues of ₹7,00,72,142 as of 31.12.2017. The loan was initially sanctioned in 2013 and subsequently restructured in 2015. Dena Bank converted the existing CC Hypo limit of 500 lakhs to Working Capital Demand loan with the reduction of ₹5 lakhs to ₹495 lakhs vide sanction letter dated 9.3.2015. The Corporate Debtor acknowledged the sanction of conversion of existing CC Hypo limit of ₹500 lakhs to Working capital Demand Loan with reduction of ₹5 lakhs to ₹495 lakhs, executed letter of guarantee dated 31.3.2015, executed Mortgage Deed on 31.3.2015, Registered the Modification of Charge with ROC on 9.4.2015, executed an

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## Issues and analysis

### Issue 1: Whether the petition is …

**Ratio:** The doctrine of res judicata applies when a matter has been conclusively decided by a

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**Reasoning:** The NCLT found that the Corporate Debtor's claim of res judicata was unfounded as the

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**Interpretation:** Res judicata prevents the same parties from relitigating issues that have

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**Application:** Since the claim was not previously decided, res judicata does not apply, and

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## Parties

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

## Timeline

- **2013-01-01 — Loan Sanc…**: Initial loan was sanctioned…
- **2015-03-09 — Sanction…**: The Petitioner vide sanction letter dated 9.3.2015 converted the existing CC Hypo limit…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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