# In the matter of Oceanic Edibles International Limited MA-546-2018 in CP-563-IB-CB-2017

> NCLT judgment dated 2018-12-10. Citation: TCN-2018-NCLT-00144. The case involves MA/546/2018 filed in CP/563/IB/CB/2017 under Section 33(1)(a) of the…

- **Court:** NCLT
- **Order date:** 10 Dec 2018
- **Citation:** TCN-2018-NCLT-00144
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oceanic-edibles-international-limited-ma-546-2018-in-cp-563-ib-cb-2017-1361c1c5

## Summary

### Background

The case involves MA/546/2018 filed in CP/563/IB/CB/2017 under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional. Initially, an application under Section 7 of the I&B Code was filed by ICICI Bank Limited against Oceanic Edibles International Limited for initiating CIRP, declaring a moratorium, and appointing an Interim Resolution Professional. The application was admitted, a moratorium was declared, and Mr. C. Ramasubramaniam was appointed as Interim Resolution Professional. Subsequently, Mr. Venkata Sivakumar was appointed as Resolution Professional, and later, Pathukasahasram Raghunathan Raman replaced him. The Resolution Professional sought orders for the liquidation of the Corporate Debtor and the continuation of the

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## Facts

ICICI Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Oceanic Edibles International Limited under Section 7 of the I&B Code, 2016. The application was admitted, and a moratorium was declared. Initially, C. Ramasubramaniam was appointed as the Interim Resolution Professional, followed by Venkata Sivakumar as the Resolution Professional. Subsequently, Pathukasahasram Raghunathan Raman replaced Venkata Sivakumar as the Resolution Professional. The Resolution Professional conducted forensic audits and placed financial statements before the Committee of Creditors (CoC). The CoC extended the CIRP timeline. The Resolution Professional filed applications to exclude certain periods from the CIRP timeline. Despite these efforts, no resolution

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Oceanic Edibles International Limited, should be liquidated due …

**Ratio:** Section 33(1) of the I&B Code, 2016, allows the Adjudicating Authority to pass a

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received despite the CIRP

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**Interpretation:** Section 33(1) provides the legal basis for initiating liquidation proceedings

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**Application:** Given that no resolution plan was received and the CoC decided to liquidate the

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Appellants:** Pathukashasram…
- **Respondents:** Oceanic Edibles…; Arokiasamy Joseb…

## Timeline

- **2017-09-12 — Order Da…**: Order appointing C. Ramasubramaniam as…
- **2018-01-02 — Appointment of…**: Mr. Venkata Sivakumar was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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