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Tribunals and CommissionsDivision Bench(2024) 12 NCLT CK 1402

Godrej Agrovet Ltd vs Oasis Marine Pvt Ltd

National Company Law Tribunal · Decided on 11 December 2024

HON’BLE JUDGES
Shammi Khan, Member (J) · Sameer Kakar, Member (T)
CASE NUMBER
IA(Liq.)/27(AHM)2024 in C.P.(IB)/223(AHM)2021

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Judgment

15 paragraphs · 693 words
1.

This is an application filed on 04.12.2024 under Section 33 and 34 of IBC by the learned RP with the following prayers:

- a) Your Lordship may be pleased to allow the present application; - b) Your Lordship may be pleased to pass an order under Section 33 of the Code for initiation of liquidation process against the Corporate Debtor i.e. M/s. Oasis Marine Private Limited; - c) Your Lordship may be pleased to an order under Section 34 of the Insolvency and Bankruptcy appointing any Insolvency Professional from the list of Panel as the Liquidator of the Corporate Debtor i.e. M/s. Oasis Marine Private Limited; - d) Your Lordship may be pleased to grant any other relief or relief as may deem fit in the interest of justice.

2.

It is stated that vide order dated 19.03.2024, this Tribunal initiated CIRP against the Corporate Debtor in CP (IB) No. 223/2021 filed by one Operational Creditor and appointed the Applicant herein as IRP. ordered vide order dated 19.03.2024. 4th CoC meeting was held in the matter. A perusal of the Form – H reveals that the CIRP period of Corporate Debtor is ended on 24.11.2024. There are on assets which are owned by the Corporate Debtor.

11.

CoC in the 4th meeting with 100% majority has resolved for liquidation of the Corporate Debtor.

12.

In view of the law laid down by the Hon'ble Supreme Court in the matter of K. Sashidhar Versus Indian Overseas Bank & Ors. in Civil Appeal No. 10673 of 2018 has held that the commercial decision of CoC is non-justiciable, we are constrained to order for liquidation of the Corporate Debtor. In this case, it is seen that CoC with 100% majority has passed the resolution seeking liquidation of the Corporate Debtor.

13.

Therefore, we are forced to order for liquidation of the Corporate Debtor. The Corporate Debtor is hereby ordered for liquidation.

14.

In view of the IBBI Circular of June, 2024 we hereby appoint Mr. Chetan Patel having registration No. IBBI/IPA-002/IP-N00819/2019/2020/12561 as liquidator of the Corporate Debtor to carry the liquidation process subject to the following terms of the directions:-

a)

The Corporate Debtor - M/s. Oasis Marine Private Limited shall be ordered for liquidation in terms of the provisions of section 33(2) of the Code r.w. Regulations made thereunder which shall be effective from the date of this order.

b)

The Moratorium declared under section 14 of the Code shall cease to have effect from the date of the order of liquidation.

c)

As per section 34(4)(b) of the Code, Mr. Chetan Patel having registration No. IBBI/IPA-002/IP-N00819/2019/2020/12561, is hereby appointed as a Liquidator of the Corporate Debtor i.e., M/s. Oasis Marine

j)

This Adjudicating Authority directs the Liquidator to issue a public announcement stating that the Corporate Debtor is in liquidation. The Liquidator will also serve a copy of this order to the various Government Departments such as Income Tax, GST, VAT, etc., who are likely to have any claim upon the Corporate Debtor so that the authorities concerned are informed of the liquidation order timely. The Liquidator will also provide a copy of this order to the trade unions/employee associations of the Corporate Debtor so that the workman/employees could also be informed of this liquidation order through their association.

k)

The Liquidator is directed to investigate the financial affairs of the Corporate Debtor in terms of the provisions of Section 35(1) of IBC, 2016 read with relevant rules and regulations and also file its response for disposal of any pending Company Applications during the process of liquidation.

l)

The present Resolution Professional is directed to hand over the relevant documents and control of the Corporate Debtor to the newly appointed liquidator forthwith.

m)

The Registry is directed to communicate this order to the concerned Registrar of the Companies, the registered office of the Corporate Debtor, IBBI, the resolution professional, and the Liquidator by speed post as well as e-mail within one week from the date of this order, after completion of all the formalities.

15.

Accordingly, this IA being IA(Liq.)27(AHM)2024 in CP (IB) No. 223 of 2021 is hereby allowed and disposed of.