# In the matter of Oceanic Edibles International Limited IA-54-CHE-2021 in CP-563-IB-2017

> NCLT judgment dated 2021-07-15. Citation: TCN-2021-NCLT-01726. The case pertains to IA/54/CHE/2021 filed in CP/563/IB/2017 under Section 35(1)(n) of the…

- **Court:** NCLT
- **Order date:** 15 Jul 2021
- **Citation:** TCN-2021-NCLT-01726
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oceanic-edibles-international-limited-ia-54-che-2021-in-cp-563-ib-2017-9e3446db

## Summary

### Background

The case pertains to IA/54/CHE/2021 filed in CP/563/IB/2017 under Section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 47-A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The application was filed by the Liquidator of M/s. Oceanic Edibles International Limited, seeking an extension of the liquidation period. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor vide order dated 12.09.2017. Subsequently, an order for liquidation was passed on 10.12.2018, and the applicant was appointed as the Liquidator.

## Facts

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.

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## Issues and analysis

### Issue 1: Whether the liquidation period of the …

**Ratio:** Regulation 44(2) of the IBBI (Liquidation Process) Regulations, 2016, allows the

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**Reasoning:** The Tribunal considered the fact that avoidance applications filed by the Liquidator are

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**Interpretation:** Regulation 44(2) provides a mechanism for extending the liquidation period when

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**Application:** In this case, the Tribunal found that the pending avoidance applications and

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## Parties

- **Judges:** R. Sucha…; Anil Ku…
- **Respondents:** M/s. Oceanic…

## Timeline

- **2017-09-12 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Oceanic Edibles…
- **2018-12-10 — Liquidation…**: Order for liquidation passed, and the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 230 — Delegation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-230)

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