# In the matter of Galaxy Cosmetics Private Limited IA-1269-IB-2020 in CP-600-IB-2018

> NCLT judgment dated 2022-04-28. Citation: TCN-2022-NCLT-04881. The case involves an application filed by the Liquidator of Galaxy Cosmetics Private Limited,…

- **Court:** NCLT
- **Order date:** 28 Apr 2022
- **Citation:** TCN-2022-NCLT-04881
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/galaxy-cosmetics-private-limited-ia-1269-ib-2020-in-cp-600-ib-2018-25c4d0fc

## Summary

### Background

The case involves an application filed by the Liquidator of Galaxy Cosmetics Private Limited, Mathur Sabhapathy Viswanathan, against Indusspray. The CIRP for Galaxy Cosmetics was initiated on 30.08.2018, and the applicant was appointed as IRP and later continued as RP.

## Facts

CIRP in respect of Galaxy Cosmetics Pvt. Ltd was initiated on 30.08.2018.

Mathur Sabhapathy Viswanathan was appointed as IRP and later continued as RP.

The Corporate Debtor allegedly did not submit books of accounts.

The Respondent owed Rs. 12,31,308.78 to the Corporate Debtor.

The Respondent filed a counter stating that the Director of the Corporate Debtor informed that the supplier had already purchased the stocks.

The Respondent claimed that the stock of the Corporate Debtor is under a contractual arrangement and not included in the definition of Liquidation Estate assets.

The Respondent has charged rent on account of the Corporate Debtor for occupying space for storing the raw material and packing material.

…

## Issues and analysis

### Issue 1: Whether the Respondent is liable to pay Rs. …

**Ratio:** The tribunal did not

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**Reasoning:** The Respondent showed that goods were procured

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**Interpretation:** Ordering payment at this

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**Application:** The tribunal disposed

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Appellants:** Mathur Sabhapathy…
- **Respondents:** Galaxy Cosmetics…; Induss…
- **Other parties:** Deepak…
- **Advocates:** Karthik…

## Timeline

- **2018-08-30 — CIRP Init…**: CIRP in respect of Galaxy…
- **2018-10-01 — CoC Meet…**: RP was confirmed by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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