# In the matter of ICICI Bank Ltd Vs. Oceanic Tropical Fruits Private Ltd & Ors. CA(AT) Nos. 113 & 114-2018

> NCLAT judgment dated 2018-04-02. Citation: TCN-2018-NCLAT-00329. This is a Company Appeal (AT) (Insolvency) case before the National Company Law Appellate…

- **Court:** NCLAT
- **Order date:** 2 Apr 2018
- **Citation:** TCN-2018-NCLAT-00329
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/icici-bank-ltd-vs-oceanic-tropical-fruits-private-ltd-ors-ca-8ca3daef

## Summary

### Background

This is a Company Appeal (AT) (Insolvency) case before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appeal concerns issues related to the appointment and responsibilities of Resolution Professionals under the Insolvency and Bankruptcy Code, 2016. Specifically, it questions whether a Resolution Professional can be replaced by a majority vote of less than seventy-five percent of the voting share of the Financial Creditors without confirmation from the IBBI. It also questions whether a Resolution Professional can simultaneously perform duties in multiple Corporate Insolvency Resolution Processes and if such appointments should be limited based on the location of the Corporate Debtor's registered office.

## Facts

ICICI Bank Limited is the appellant in this case. Oceanic Tropical Fruits Private Limited & Ors. are the respondents. The case involves a Company Appeal (AT) (Insolvency) before the NCLAT. The core issues revolve around the appointment and responsibilities of Resolution Professionals. A key fact is the question of whether a Resolution Professional can be replaced by a vote of less than 75% of the financial creditors without IBBI confirmation, referencing Section 22 of the Insolvency and Bankruptcy Code, 2016. Another key fact is whether a Resolution Professional can simultaneously handle multiple Corporate Insolvency Resolution Processes and if there should be limitations based on the location of the Corporate Debtor's registered office. The court issued notices to

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## Issues and analysis

### Issue 1: Whether by a majority vote of less than seventy-five percent of the voting share of the ‘Financial …

**Ratio:** The ratio will be determined by interpreting Section 22 of the Insolvency and Bankruptcy

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**Reasoning:** The court's reasoning will likely involve a close reading of Section 22, considering the

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**Interpretation:** The interpretation of Section 22 will center on the balance of power between

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**Application:** The application of the ratio and reasoning will involve determining whether the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** ICICI Bank…
- **Respondents:** Oceanic Tropical…
- **Advocates:** Ramji Srin…; Diwakar Mah…; +3 more

## Timeline

- **2018-04-02 — Order Da…**: The question arises for…
- **2018-04-03 — Deadline for Fi…**: Deadline for the appellant to file…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22 — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

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