# In the matter of Oasis Marine Private Limited

> NCLT judgment dated 2024-12-11. Citation: TCN-2024-NCLT-00072. The case involves an application filed on December 4, 2024, under Sections 33 and 34 of the…

- **Court:** NCLT
- **Order date:** 11 Dec 2024
- **Citation:** TCN-2024-NCLT-00072
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/oasis-marine-private-limited-1cf43ca6

## Summary

### Background

The case involves an application filed on December 4, 2024, under Sections 33 and 34 of the Insolvency and Bankruptcy Code (IBC) by the Resolution Professional (RP) seeking the initiation of liquidation proceedings against Oasis Marine Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on March 19, 2024, following a petition filed by an Operational Creditor. The RP was appointed as the Interim Resolution Professional (IRP) at that time. The 4th Committee of Creditors (CoC) meeting resolved with a 100% majority to liquidate the Corporate Debtor.

## Facts

On March 19, 2024, CIRP was initiated against Oasis Marine Private Limited based on a petition by an Operational Creditor. The applicant was appointed as the IRP. The 4th CoC meeting resolved with 100% majority to liquidate the Corporate Debtor. The CIRP period ended on November 24, 2024. The application for liquidation was filed on December 4, 2024, under Sections 33 and 34 of the IBC. The CoC's decision to liquidate the Corporate Debtor was based on its commercial assessment of the situation. The Corporate Debtor owns certain assets.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Oasis Marine Private Limited, …

**Ratio:** The commercial decision of the Committee of Creditors (CoC) is non-justiciable, as

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**Reasoning:** The court reasoned that since the CoC, with a 100% majority, had resolved for

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**Interpretation:** The interpretation of the law is that the court must respect the commercial

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**Application:** In this specific case, the CoC's 100% resolution for liquidation, combined with

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Godrej Agro…
- **Respondents:** Oasis Marine…; Oasis Marine Pvt…
- **Advocates:** Aditya Pa…

## Timeline

- **2024-03-19 — CIRP Init…**: CIRP initiated against Oasis Marine Private Limited based on a petition by an Operational…
- **2024-11-24 — CIRP Peri…**: The CIRP period for the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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