# In the matter of Pawan Buildwell Pvt. Ltd. (IB)-197(ND)-2018

> NCLT judgment dated 2018-04-04. Citation: TCN-2018-NCLT-01598. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking…

- **Court:** NCLT
- **Order date:** 4 Apr 2018
- **Citation:** TCN-2018-NCLT-01598
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pawan-buildwell-pvt-ltd-ib-197nd-2018-709e9353

## Summary

### Background

The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Respondent/Corporate Debtor, Pawan Buildwell Pvt. Ltd., due to its inability to liquidate its financial debt. The petitioner, Brij Mohan Sahni, sought recovery of a principal amount of Rs. 1 crore with accrued interest, totaling Rs. 1,63,79,352. The petitioner, along with his deceased brother Surinder Mohan Sahni, were partners in M/s Gay Printers, which had extended a loan of Rs. 1 crore to the Corporate Debtor at 15% interest per annum. Surinder Mohan Sahni passed away on October 2, 2015, bequeathing his 50% share in the firm to the petitioner. An earlier petition, IB-301/ND/2017, filed by M/s. Gay

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## Facts

Brij Mohan Sahni, the petitioner, filed a petition against Pawan Buildwell Pvt. Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petitioner claimed a financial debt of Rs. 1,63,79,352, comprising a principal amount of Rs. 1 crore and accrued interest. The debt originated from a loan extended by M/s Gay Printers, a partnership firm consisting of the petitioner and his deceased brother, Surinder Mohan Sahni, to the corporate debtor. The loan carried an interest rate of 15% per annum. Surinder Mohan Sahni passed away on October 2, 2015, bequeathing his 50% share in the firm to the petitioner. The corporate debtor acknowledged its liability to pay interest at

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## Issues and analysis

### Issue 1: Whether the principle of res …

**Ratio:** The principle of res judicata does not apply when the parties to the lis are distinct and

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**Reasoning:** The earlier petition was filed by the Partnership Firm M/s. Gay Printers, while the

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**Interpretation:** Res judicata prevents a party from relitigating an issue that has already been

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**Application:** Since the earlier petition was filed by the partnership firm and the present

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## Parties

- **Judges:** Ina Mal…
- **Appellants:** Brij Mohan…
- **Respondents:** Pawan Buildwell…

## Timeline

- **2015-03-17 — Will Exec…**: Mr. Surinder Mohan Sahni executed…
- **2015-10-02 — Death of P…**: Mr. Surinder Mohan Sahni died, bequeathing his 50% share in the firm to his brother, the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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