Page 489 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
By Hon’ble NCLT Chennai Bench

IN THE NATIONAL COMPANY LAW TRIBUNAL
CHENNAI BENCH

C.P. (I.B.) No. 563/7/NCLT/CB/2017

Decided On: 12.09.2017

Applicant: ICICI Bank Ltd.
Vs.
Respondent: Oceanic Edibles International Ltd.

Judges/Coram:
Hon'ble Sh. Mohd. Sharief Tariq, Member (J)

Counsels:
For Appellant/Petitioner/Plaintiff: Mr. H. Kartik Seshadri & Mr. V. Hari Kumar & Mr. Suraj, Advocates

For Respondents/Defendant

ORDER

Hon'ble Sh. Mohd. Sharief Tariq, Member (J)

Oral order dictated in open court on 12 .09.2017

1. Under adjudication is an Application that has been filed by ICICI Bank Ltd. (hereinafter referred to as
Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code 2016 r/w Rule 4 of the

Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against Oceanic Edibles
International Ltd. ( hereinafter referred to as Corporate Debtor). The prayer made in the Application is to
admit the Application, initiate the Corporate Insolvency Resolution Process and declare Moratorium

2. We have heard the Counsel for Financial Creditor and perused the record. There is no representation on
behalf of the Corporate Debtor. As seen from the Order dated 07.09.2017, the Corporate Debtor was

proceeded ex parte.

3. In the Application, the Financial Creditor has claimed the payment of the outstanding debt to the tune

of Rs.39,21,41,910/- which is evidenced in the appended statement of account confirmed by the
certificate dated 20.06.2017 issued by the Financial Creditor under Section 2 (a) of the Banker's Book

Evidence Act 1891. The account of the Corporate Debtor was classified as Non-Performing Asset (NPA)
on 31.12.2014 and again the facilities were recalled on 12.05.2015. The acknowledgement of the
borrower is placed at page 323 of the typed set with the Application shows that the debt was due as on

10.08.2013. The notice given on 24.01.2014 shows default on the part of the Corporate Debtor which is

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