An application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by a Financial Creditor, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Oceanic Edibles International Limited on 2017-09-12. Subsequently, on 2018-12-10, an order for liquidation was passed, and the applicant was appointed as the Liquidator. The Liquidator filed avoidance applications against the erstwhile Director of the Corporate Debtor, which are still pending adjudication. The erstwhile promoters filed a Scheme under Section 230 of the Companies Act, 2013, which was rejected by the Liquidator on 2020-03-20. A nationwide lockdown was imposed from 2020-03-23 due to the Covid-19 pandemic, causing difficulties in the liquidation process.

An application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by a Financial Creditor, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Oceanic Edibles International Limited on 2017-09-12. Subsequently, on 2018-12-10, an order for liquidation was passed, and the applicant was appointed as the Liquidator. The Liquidator filed avoidance applications against the erstwhile Director of the Corporate Debtor, which are still pending adjudication. The erstwhile promoters filed a Scheme under Section 230 of the Companies Act, 2013, which was rejected by the Liquidator on 2020-03-20. A nationwide lockdown was imposed from 2020-03-23 due to the Covid-19 pandemic, causing difficulties in the liquidation process.