# In the matter of  Mathstraman Manufacturers and Traders Pvt. Ltd. IA(IBC)-180-KOB-2022 in IBA-04-KOB-2020

> NCLT judgment dated 2022-12-01. Citation: TCN-2022-NCLT-00276. Several applicants, engaged as wholesale dealers of Generators and Alternators, filed an…

- **Court:** NCLT
- **Order date:** 1 Dec 2022
- **Citation:** TCN-2022-NCLT-00276
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mathstraman-manufacturers-and-traders-pvt-ltd-iaibc-180-kob-2022-in-iba-04-kob-2-ab62a8f0

## Summary

### Background

Several applicants, engaged as wholesale dealers of Generators and Alternators, filed an application under Section 60(5) of the IBC, 2016, seeking the release of Generators and Alternators from the Liquidator (Respondent No. 1) of Mathstraman Manufacturers and Traders Pvt Ltd, which is under CIRP. The applicants had placed orders with Whispower Generator Sales and Services Pvt. Ltd. (Respondent No. 2), a manufacturer of Generators and Alternators, and made advance payments. However, the goods were not delivered, and the Liquidator took possession of the Generators and Alternators based on an order from the Tribunal, claiming they belonged to Mathstraman Manufacturers and Traders Pvt Ltd. The applicants contended that the goods belonged to them as they had made payments

…

## Facts

Several applicants, who are wholesale dealers of Generators and Alternators, placed orders with Whispower Generator Sales and Services Pvt. Ltd. (Respondent No. 2) for the supply of Generators and Alternators. They made advance payments for these orders. Mathstraman Manufacturers and Traders Pvt Ltd is under CIRP, and K. Easwara Pillai is the Liquidator (Respondent No. 1). The Liquidator took possession of the Generators and Alternators on 2022-03-15, claiming they belonged to Mathstraman Manufacturers and Traders Pvt Ltd. The applicants contended that the Generators and Alternators were manufactured according to their specifications and that they had made full payment, giving them a first charge over the assets. The 1st Applicant booked a Generator by remitting Rs.

…

## Issues and analysis

### Issue 1: Whether this Application is hit by the principle of res judicata in view of order dated 02.06.2022 …

**Ratio:** The principle of res judicata prevents a party from relitigating an issue that has

…

**Reasoning:** The Tribunal noted that it had already held in I.A.No.82/KOB/2022 that the properties

…

**Interpretation:** The principle of res judicata is interpreted to mean that once a matter has

…

**Application:** In this case, the Tribunal applied the principle of res judicata because a

…

## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Havvas Powe…
- **Respondents:** Mathstraman…; K. EASWARA…

## Timeline

- **2021-07-09 — Order in IA(IBC)/38/KOB/…**: Tribunal passed an order in…
- **2021-09-15 — Advance Payment by 2nd…**: The 2nd Applicant remitted an advance amount…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mathstraman-manufacturers-and-traders-pvt-ltd-iaibc-180-kob-2022-in-iba-04-kob-2-ab62a8f0