# In the matter of Indian Ocean Group Pte Ltd. vs. Neeraj Agarwal

> NCLAT judgment dated 2025-05-26. Citation: TCN-2025-NCLAT-00368. The Appellant, Indian Ocean Group Pte Ltd., filed an appeal against the order dated…

- **Court:** NCLAT
- **Order date:** 26 May 2025
- **Citation:** TCN-2025-NCLAT-00368
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/indian-ocean-group-pte-ltd-vs-neeraj-agarwal-0dabd72f

## Summary

### Background

The Appellant, Indian Ocean Group Pte Ltd., filed an appeal against the order dated 13.12.2024, by which the Adjudicating Authority rejected IA No.961(KB)2024. The Appellant, as a Successful Resolution Applicant (SRA), sought a refund of the performance security and upfront payment.

## Facts

The Appellant participated in the CIRP of the Corporate Debtor.

The Appellant's Resolution Plan was approved by the CoC on 20.08.2021 and the Adjudicating Authority on 10.02.2022.

The Appellant failed to implement the Resolution Plan.

The Adjudicating Authority rejected IA No.961(KB)2024 filed by the Appellant.

The Appellant sought a refund of performance security and upfront payment.

The Resolution Professional submitted that the Appellant had due diligence and the letter of intent contemplated forfeiture in case of failure to deposit the amount.

The Adjudicating Authority observed that the SRA failed to deposit the upfront payment and that the failure led to the liquidation of the Corporate Debtor.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in rejecting the Appellant's application for a …

**Ratio:** The Adjudicating Authority did not commit any illegality in rejecting the application

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**Reasoning:** The Appellant failed to implement the Resolution Plan and deposit the upfront payment as

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**Interpretation:** The failure to adhere to the terms of the Resolution Plan and the letter of

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**Application:** The court applied the principle that a party failing to fulfill its obligations

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## Parties

- **Judges:** Ashok Bh…; N Sesha…; +1 more
- **Appellants:** Indian Ocean…
- **Respondents:** Jharkhand Mega…; Neeraj Ag…
- **Other parties:** Committee of…
- **Advocates:** Farooqu…; Aadil Na…; +1 more

## Timeline

- **2025-05-26 — Hearing…**: Heard learned counsel for the…
- **2024-12-13 — Order Da…**: Order by which the Adjudicating…

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