In a recent pronouncement, the Chennai Bench of the National Company Law Appellate Tribunal, comprising Justice Sharad Kumar Sharma (Judicial Member) and Mr. Jatindranath Swain (Technical Member), dismissed a company appeal challenging the liquidation-stage e-auction of the assets of Oceanic Edibles International Limited. The decision offers a useful reaffirmation of the finality accorded to concluded auction processes under the Insolvency and Bankruptcy Code, 2016, and the limited scope for interference once a sale certificate has been issued.
Factual Background
Commencement of CIRP and Liquidation
The corporate insolvency resolution process against Oceanic Edibles International Limited commenced pursuant to a Section 7 application filed by ICICI Bank Limited, which was admitted in September 2017. Following an unsuccessful attempt at resolution, the Committee of Creditors resolved in October 2018 to liquidate the company, and the erstwhile Resolution Professional was appointed as
