The case involves a dispute regarding the distribution of proceeds from the sale of assets of Oceanic Tropical Fruits Private Limited, a corporate debtor undergoing liquidation. ICICI Bank and Central Bank of India, as financial creditors, claim that the liquidator, Mr. V. Nagarajan, improperly distributed the sale proceeds primarily to State Bank of India (SBI), the first charge holder, without adhering to the waterfall mechanism under Section 53 of the IBC and the inter-se agreement among the consortium of lenders.
Oceanic Tropical Fruits Private Limited underwent CIRP and subsequently liquidation.
ICICI Bank and Central Bank of India are financial creditors of Oceanic Tropical Fruits Private Limited.
State Bank of India (SBI) was the lead bank and held the first charge on certain assets of the corporate debtor.
An inter-se agreement existed among SBI, ICICI Bank, Central Bank of India, and erstwhile State Bank of Travancore.
The liquidator sold assets of the corporate debtor, including properties in Annur, Marakkanam and Kancheepuram.
ICICI Bank marked a lien on the liquidation account, which was later directed to be lifted by the tribunal.
The liquidator distributed sale proceeds primarily to SBI, leading to objections from ICICI Bank and Central Bank of India.
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ICICI Bank filed a petition under Section 7 of…
NCLT allowed the…
The case involves a dispute regarding the distribution of proceeds from the sale of assets of Oceanic Tropical Fruits Private Limited, a corporate debtor undergoing liquidation. ICICI Bank and Central Bank of India, as financial creditors, claim that the liquidator, Mr. V. Nagarajan, improperly distributed the sale proceeds primarily to State Bank of India (SBI), the first charge holder, without adhering to the waterfall mechanism under Section 53 of the IBC and the inter-se agreement among the consortium of lenders.
Oceanic Tropical Fruits Private Limited underwent CIRP and subsequently liquidation.
ICICI Bank and Central Bank of India are financial creditors of Oceanic Tropical Fruits Private Limited.
State Bank of India (SBI) was the lead bank and held the first charge on certain assets of the corporate debtor.
An inter-se agreement existed among SBI, ICICI Bank, Central Bank of India, and erstwhile State Bank of Travancore.
The liquidator sold assets of the corporate debtor, including properties in Annur, Marakkanam and Kancheepuram.
ICICI Bank marked a lien on the liquidation account, which was later directed to be lifted by the tribunal.
The liquidator distributed sale proceeds primarily to SBI, leading to objections from ICICI Bank and Central Bank of India.
…ICICI Bank filed a petition under Section 7 of…
NCLT allowed the…