# MR. A. JOSEB RAJ vs. MR. P.R. RAMAN & CASURINA BAY FARMS PRIVATE LIMITED

> NCLAT judgment dated 2026-06-25. Citation: TCN-2026-NCLAT-00216. Mr. A. Joseb Raj, a shareholder and personal guarantor of Oceanic Edibles International…

- **Court:** NCLAT
- **Order date:** 25 Jun 2026
- **Citation:** TCN-2026-NCLAT-00216
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/mr-a-joseb-raj-vs-mr-pr-raman-casurina-bay-farms-private-limited-0us7q

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the challenge to the e-auction proceedings by the Appellant, in his capacity as a …

**Ratio:** The status of a personal guarantor loses significance once declared bankrupt, and a

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**Reasoning:** The Appellant was declared bankrupt on 31.10.2025 under Sections 121 and 123 of the

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**Interpretation:** Bankruptcy of a personal guarantor and the established lack of locus for a

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**Application:** The NCLAT applied this principle to dismiss the appeal, stating that the

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** A. JOSE…
- **Respondents:** Oceanic Edibles…; P.R. R…; +1 more
- **Other parties:** CoC…; ICICI Bank…; +2 more
- **Advocates:** J.Maniv…; P.Elayara…; +1 more

## Timeline

- **2017-09-12 — CIRP Admi…**: Application under Section 7 of the Code filed by ICICI Bank Limited initiating CIRP…
- **2018-01-02 — Resolution Professional…**: Resolution Professional appointed for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 121 — Application for bankruptcy](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-121)

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