Authority: National Company Law Tribunal (NCLT), Division Bench (Court– I), Chennai
Order Date: July 7, 2026
Case Overview
This is a hearing in the main insolvency petition CP/563/IB/(CHE)2017, where ICICI Bank Ltd is the petitioner and Oceanic Edibles International Ltd is the Corporate Debtor. The specific application being heard is IA(IBC)(DIS)/5(CHE)/2026. The Liquidator for Oceanic Edibles International Ltd, represented by counsel Shri. C.J. Sathish Kumar, filed a memo enclosing Form H (Sr. No. 2919 dated 06.07.2026). The Liquidator provided a status update, informing the tribunal that the Corporate Debtor is a formal party in a case pending before an ED Court (Special CC No. 6 of 2025). Furthermore, an appeal to the National Company Law Appellate Tribunal (NCLAT) against the order of this tribunal has been dismissed. Two applications related to Preferential, Undervalued, Fraudulent, or Extortionate (PUFE) transactions are reserved for orders. The corporate debtor's bank account has been closed.
Final Outcome
The bench, comprising Member (Judicial) Shri. Sanjiv Jain and Member (Technical) Shri. Venkataraman Subramaniam, noted that arguments were only partly heard. The application IA(IBC)(DIS)/5(CHE)/2026 has been adjourned and is listed for further arguments on July 23, 2026. No final ruling on the liquidation was made in this hearing.
Topics: Insolvency, NCLT Proceeding