# In the matter of Oceanic Edibles International Ltd. MA-34-2020 in CP-563-IB-2017

> NCLT judgment dated 2020-03-03. Citation: TCN-2020-NCLT-01690. The case involves an application (MA/34/2020) within the context of CP/563/IB/2017. The learned…

- **Court:** NCLT
- **Order date:** 3 Mar 2020
- **Citation:** TCN-2020-NCLT-01690
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oceanic-edibles-international-ltd-ma-34-2020-in-cp-563-ib-2017-f2ee0186

## Summary

### Background

The case involves an application (MA/34/2020) within the context of CP/563/IB/2017. The learned Liquidator is present with counsel, stating that the order passed by the NCLAT on 17.07.2019 related to Company Appeal (AT) (Insolvency) No.116 of 2019 and Company Appeal (AT) (Insolvency) No.117 of 2019, concerning Arokiasamy Joseb Raj -vs- Pathukasahasram Raghunathan Raman & Oths. A scheme was filed before the Liquidator, but the claim was rejected based on the decision of the Stakeholders Committee and the Liquidator, considering Section 29-A of the IBC, 2016. The application seeks a decision from the Tribunal regarding the relief sought.

## Facts

The case originates from CP/563/IB/2017. A scheme was presented to the Liquidator concerning Arokiasamy Joseb Raj -vs- Pathukasahasram Raghunathan Raman & Oths. The Stakeholders Committee and the Liquidator rejected the claim, citing Section 29-A of the IBC, 2016. The Respondents, who are also the Scheme Proponents, allege they did not receive formal communication about the rejection. The Liquidator then sought to withdraw the application before the Tribunal.

## Issues and analysis

### Issue 1: Whether the Tribunal should interfere with the Liquidator's decision based on the Stakeholders …

**Ratio:** The Tribunal generally defers to the decisions made by the Liquidator and the

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**Reasoning:** The Tribunal stated that it was not inclined to interfere with the decision made by the

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**Interpretation:** This reflects a principle of judicial restraint, where the Tribunal avoids

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**Application:** In this specific case, the Tribunal did not find sufficient grounds to overturn

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** Arockiasamy…
- **Respondents:** Oceanic E…; Pathukasahasram…
- **Advocates:** Kaushik. N.…; M.L. Ga…; +3 more

## Timeline

- **2019-07-17 — NCLAT Or…**: Order passed by the Hon'ble NCLAT in relation to Company Appeal (AT) (Insolvency) No.116…
- **2020-03-03 — Hearing…**: Hearing of Chennai…

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