# In the matter of Oceanic Tropical Fruits Private Limited MA-517-2018 In CP-564-IB-CB-2017

> NCLT judgment dated 2018-10-31. Citation: TCN-2018-NCLT-00420. The case involves a Miscellaneous Application (MA/517/2018) filed in CP/564/IB/CB/2017 by the…

- **Court:** NCLT
- **Order date:** 31 Oct 2018
- **Citation:** TCN-2018-NCLT-00420
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oceanic-tropical-fruits-private-limited-ma-517-2018-in-cp-564-ib-cb-2017-a15cda0d

## Summary

### Background

The case involves a Miscellaneous Application (MA/517/2018) filed in CP/564/IB/CB/2017 by the Resolution Professional, Mr. V. Nagarajan, under Section 33(1)(a)/34(1) of the Insolvency and Bankruptcy Code, 2016. The initial Corporate Insolvency Resolution Process (CIRP) was initiated by ICICI Bank Limited against Oceanic Tropical Fruits Private Limited under Section 7 of the I&B Code, 2016. The CIRP was admitted on 2017-09-12, and a moratorium was declared. Mr. C. Ramasubramaniam was appointed as Interim Resolution Professional (IRP). The Committee of Creditors (CoC) proposed Mr. V. Nagarajan as the Resolution Professional, which was confirmed on 2018-02-09. Despite inviting resolution plans, the CoC did not discuss them, and the CIRP period expired on 2018-09-05.

## Facts

ICICI Bank Limited initiated CIRP against Oceanic Tropical Fruits Private Limited under Section 7 of the I&B Code, 2016. The CIRP was admitted on 2017-09-12, and a moratorium was declared. Mr. C. Ramasubramaniam was appointed as Interim Resolution Professional (IRP). The CoC proposed Mr. V. Nagarajan as the Resolution Professional, confirmed on 2018-02-09. Three Resolution Applicants expressed interest, but only two submitted plans. The CoC did not discuss the resolution plans, and the CIRP period expired on 2018-09-05. The Resolution Professional filed MA/517/2018 seeking liquidation. No resolution plan was received under Section 30(6) of the I&B Code. The Adjudicating Authority ordered liquidation under Section 33 of the I&B Code. Mr. V. Nagarajan was

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority is justified in ordering the liquidation of the Corporate …

**Ratio:** Section 33 of the I&B Code mandates liquidation when no resolution plan is received

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received under Section 30(6)

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**Interpretation:** Section 33 of the I&B Code is interpreted to mean that if the CIRP fails to

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**Application:** The ratio and reasoning are applied to the facts of the case, where the CIRP

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Respondents:** M/s.Oceanic…; M/s. Oceanic…
- **Advocates:** J.Maniv…

## Timeline

- **2017-09-12 — CIRP Admi…**: CIRP initiated by ICICI Bank Limited against Oceanic Tropical Fruits Private Limited was…
- **2017-11-14 — CoC Meet…**: The CoC in its first meeting proposed Mr. V.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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