Mr. A. Joseb Raj, a shareholder and personal guarantor of Oceanic Edibles International Limited (Corporate Debtor), filed an appeal challenging the NCLT's dismissal of his applications. These applications contested the e-auction sale of the Corporate Debtor's assets to Casurina Bay Farms Private Limited, alleging irregularities in the auction process, including insufficient advertisement, improper reduction of reserve price, and the non-registration of the sale certificate. The NCLT had upheld the auction and denied interim injunctions.
The Appellant, Mr. A. Joseb Raj, is a shareholder and personal guarantor of Oceanic Edibles International Limited.
Oceanic Edibles International Limited (Corporate Debtor) was admitted to Corporate Insolvency Resolution Process (CIRP) on 12.09.2017, initiated by ICICI Bank Limited.
The Committee of Creditors (CoC) resolved for the liquidation of the Corporate Debtor on 08.10.2018, and the NCLT ordered liquidation on 10.12.2018, appointing a Liquidator.
The Appellant's scheme of compromise under Section 230 of the Companies Act was rejected by the Stakeholders Consultation Committee on 14.11.2019, as stakeholders were unwilling to hand over operations to the erstwhile management.
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Application under Section 7 of the Code filed…
Resolution Professional…
Mr. A. Joseb Raj, a shareholder and personal guarantor of Oceanic Edibles International Limited (Corporate Debtor), filed an appeal challenging the NCLT's dismissal of his applications. These applications contested the e-auction sale of the Corporate Debtor's assets to Casurina Bay Farms Private Limited, alleging irregularities in the auction process, including insufficient advertisement, improper reduction of reserve price, and the non-registration of the sale certificate. The NCLT had upheld the auction and denied interim injunctions.
The Appellant, Mr. A. Joseb Raj, is a shareholder and personal guarantor of Oceanic Edibles International Limited.
Oceanic Edibles International Limited (Corporate Debtor) was admitted to Corporate Insolvency Resolution Process (CIRP) on 12.09.2017, initiated by ICICI Bank Limited.
The Committee of Creditors (CoC) resolved for the liquidation of the Corporate Debtor on 08.10.2018, and the NCLT ordered liquidation on 10.12.2018, appointing a Liquidator.
The Appellant's scheme of compromise under Section 230 of the Companies Act was rejected by the Stakeholders Consultation Committee on 14.11.2019, as stakeholders were unwilling to hand over operations to the erstwhile management.
…Application under Section 7 of the Code filed…
Resolution Professional…