# In the matter of Pharma Traders Private Limited TP 57 of 2019

> NCLT judgment dated 2022-12-15. Citation: TCN-2022-NCLT-00149. The case involves an application filed by Asha Goyal ('Applicant'), a financial creditor, under…

- **Court:** NCLT
- **Order date:** 15 Dec 2022
- **Citation:** TCN-2022-NCLT-00149
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pharma-traders-private-limited-tp-57-of-2019-a9b0f792

## Summary

### Background

The case involves an application filed by Asha Goyal ('Applicant'), a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Pharma Traders Private Limited ('Respondent'), the corporate debtor. The applicant claims a default amount of Rs.68,01,111/-, which includes a principal amount of Rs.50,30,000/- and interest of Rs.17,71,111/-. The date of default is stated as 05.11.2018. The applicant had previously filed an application under Section 7 based on similar facts, which was rejected by the Adjudicating Authority and the Appellate Tribunal. The respondent raised objections,

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## Facts

Asha Goyal, the applicant, advanced an unsecured loan of Rs. 50,00,000 to Pharma Traders Private Limited, the respondent, on 05.04.2013, with a 12% per annum interest rate. The loan was disbursed through RTGS. The respondent regularly paid interest until 04.02.2016, deducting TDS. The respondent issued a cheque dated 05.08.2017 (No. 233965) for Rs. 25,00,000, which was dishonored due to insufficient funds. The respondent failed to pay the interest and the first installment of Rs. 25,00,000 due on 20.05.2016 and 05.08.2017, respectively. The applicant filed an earlier application under Section 7 of the IBC on 28.02.2018, which was rejected on 20.09.2018 due to technical defects. An appeal to NCLAT was also rejected on 19.03.2019 due to delay. The respondent issued

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## Issues and analysis

### Issue 1: Whether the present application is barred by the principle of res-judicata due to the rejection of …

**Ratio:** The principle of res-judicata prevents the same issue from being litigated again between

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**Reasoning:** The court reasoned that the present application is based on a different cause of action,

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**Interpretation:** Res-judicata applies when the cause of action and the subject matter are

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**Application:** The court found that the default on the second installment created a new cause

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Asha G…
- **Respondents:** Pharma Traders…; Pharma Traders…

## Timeline

- **2013-04-05 — Loan Disbur…**: Asha Goyal advanced an unsecured loan of Rs.…
- **2016-02-04 — Regular Interest…**: Pharma Traders Private Limited regularly…

## 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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