# In the matter of Oceanic Tropical Fruits Pvt. Ltd. MA-456-2018 in CP-564-IB-2017

> NCLT judgment dated 2018-10-31. Citation: TCN-2018-NCLT-00424. The case involves an application filed by the lenders (State Bank of India & 2 Ors) under…

- **Court:** NCLT
- **Order date:** 31 Oct 2018
- **Citation:** TCN-2018-NCLT-00424
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oceanic-tropical-fruits-pvt-ltd-ma-456-2018-in-cp-564-ib-2017-5b367401

## Summary

### Background

The case involves an application filed by the lenders (State Bank of India & 2 Ors) under Section 33 of the Companies Act, 2013, seeking the replacement of the Resolution Professional (Mr. Venkataramanarao Nagarajan) in the Corporate Insolvency Resolution Process (CIRP) of M/s. Oceanic Tropical Fruits Private Limited. The lenders raised several allegations against the Resolution Professional, claiming technical deficiencies and violations of the I&B Code, 2016. The Resolution Professional refuted these allegations, asserting that the application was baseless and filed at the fag end of the CIRP. The CIRP had already undergone extensions, and the CoCs had refused to allow the Resolution Applicants to present their plans.

## Facts

The State Bank of India & 2 Ors, as lenders, filed an application to replace the Resolution Professional (RP), Mr. Venkataramanarao Nagarajan, in the CIRP of M/s. Oceanic Tropical Fruits Private Limited. The lenders alleged technical deficiencies and violations of the I&B Code by the RP, including delays in providing minutes of CoC meetings, insufficient notice for meetings, and issues with the Information Memorandum. The RP refuted these allegations, claiming they were baseless and filed late in the CIRP. The CIRP had been extended, and the CoCs had refused to allow Resolution Applicants to present their plans. ICICI Bank Limited, one of the lenders, had previously filed an application under Section 7 of the I&B Code against the Corporate Debtor, which was

…

## Issues and analysis

### Issue 1: Whether the application filed by the lenders to replace the Resolution Professional is maintainable …

**Ratio:** Section 33 of the I&B Code deals with liquidation orders and does not explicitly

…

**Reasoning:** The court reasoned that the application was filed after the expiry of the maximum CIRP

…

**Interpretation:** The court interpreted Section 33 as primarily concerning liquidation and not

…

**Application:** The court applied this interpretation to the facts, noting that the application

…

## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** State Bank of…
- **Respondents:** M/s.Oceanic…; Venkataramanarao…

## Timeline

- **2017-09-13 — CIRP Init…**: Application under Section 7 of I&B Code filed by ICICI Bank Ltd. against the Corporate…
- **2018-03-01 — Expiry of Initial CIRP…**: The initial CIRP period…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/oceanic-tropical-fruits-pvt-ltd-ma-456-2018-in-cp-564-ib-2017-5b367401