# 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-00417. 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-00417
- **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-a61b76f2

## 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, seeking liquidation of the Corporate Debtor, M/s. Oceanic Tropical Fruits Private Limited. The original application, CP/564/IB/CB/2017, was filed under Section 7 of the I&B Code, 2016, by the Financial Creditor, M/s. ICICI Bank Limited, against the Corporate Debtor. The application was admitted on 2017-09-12, and a moratorium was declared. Mr. C. Ramasubramaniam was appointed as Interim Resolution Professional (IRP). The CoC proposed V. Nagarajan as the Resolution Professional, which was confirmed on 2018-02-09.

## Facts

M/s. ICICI Bank Limited, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Oceanic Tropical Fruits Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (I&B Code), 2016. The CIRP was admitted on 2017-09-12, and a moratorium was imposed. Mr. C. Ramasubramaniam was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. V. Nagarajan was appointed as the Resolution Professional. The Resolution Professional issued an Expression of Interest (Eol) and invited resolution plans. Three Resolution Applicants expressed interest, but only two submitted plans. The Committee of Creditors (CoC) did not discuss the resolution plans, and the CIRP period expired on 2018-09-05.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Oceanic Tropical Fruits Private Limited, should be liquidated …

**Ratio:** Section 33 of the I&B Code, 2016, mandates liquidation when no resolution plan is

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**Reasoning:** The court reasoned that the CIRP period had expired on 2018-09-05, and no resolution plan

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**Interpretation:** The interpretation of Section 33 is that it provides a clear framework for

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**Application:** In this case, the CIRP failed because the CoC did not consider the resolution

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## Parties

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

## Timeline

- **2017-09-12 — CIRP Admi…**: CP/564/IB/CB/2017 was admitted,…
- **2017-11-14 — CoC Meet…**: The CoC proposed V. Nagarajan as…

## 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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