Page 212 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Ahmedabad Bench
Code" for short) seeking permission to intervene in CP No.(IB) 48/2017; to dismiss CP No.(IB)

48/2017 or in the alternative to stay the proceedings in CP No.(IB) 48/2017.
2. The facts in brief, that are germane for the disposal of this Application are as follows;

a. The Hongkong and Shanghai Banking Corporation Limited ("HSBC") as an agent of
Lenders including the present Applicant, filed Company Petition No. 194 of 2016 on

8th March, 2016 before the Hon'ble High Court of Bombay seeking winding up of
Alok Industries Ltd under Section 433 (e) of the Companies Act, 1956.

b. During the pendency of winding up petition, State Bank of India, who is the
Petitioner in CP No.(IB) 48/2017 filed an Intervention Application, being Company
Application (L) No. 353 of 2016 on 27th April, 2016; seeking the vacation of the

order dated 11th March, 2016 and permission to implement the Resolutions passed at
the EOGM of Alok Industries Limited dated 14th March, 2016 and to keep the

Company Petition in abeyance. State Bank of India sought withdrawal of
Intervention Application vide CA No. 353 of 2016 and it was accordingly dismissed
as withdrawn on 3rd May, 2017. On 15th May, 2017 Alok Industries Ltd placed

before the Hon'ble High Court of draft Restructuring Proposal which has not yet been
approved by Joint Lenders Forum (JLF). State Bank of India having withdrawn its
Intervention Application in the Company Petition No. 194 of 2016 filed his

Application before this Adjudicating Authority on 29th June, 2016. The Company
Petition No. 194 of 2016 is listed for admission before the Hon'ble Bombay High
Court on 19.7.2017 for admission.

c. Further, it is the case of the Applicant that when the winding up proceedings are at an
advanced stage before the Hon'ble High Court of Bombay, any order passed in CP

No.(IB) 48/2017 will lead to conflicting orders being passed by different forums. The
present Application is filed before this Authority on 17.7.2017. The notice on this
Application has been served on the State Bank of India and Alok Industries Ltd.

3. Heard the arguments of learned Senior Counsel appearing for Industrial And Commercial Bank

of China Ltd and the learned counsel appearing for the State Bank of India and Alok Industries
Ltd.

4. It is stated that HSBC filed Company petition No. 194 of 2016 before the Hon'ble High Court of
Judicature at Bombay as an Agent of Lenders and the present Applicant is one of the Lenders and
therefore the Applicant has got a right to intervene in the proceedings in CP No.(IB) 48/2017

which is listed for pronouncement of orders on this date, i.e., 18th July, 2017.

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