Page 213 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
Hon’ble NCLT Ahemdabad Bench

5. There is no dispute about the fact that Industrial And Commercial Bank of China Limited is one

of the Financial Creditors of Alok Industries Ltd. There is no dispute about the fact that HSBC as
an Agent of some of the Lenders filed winding up Petition No. 194/2016 before the Hon'ble High
Court of Judicature at Bombay. It is also a fact that State Bank of India along with its Associate

Banks filed CP No.(IB) 48/2017 being the Financial Creditors under Section 7 of the Code.
6. It is the contention of the learned Counsel appearing for the Applicant that State Bank of India

having withdrawn its Intervention Application in the winding up proceedings pending before the
Hon'ble Court of Bombay, filed CP No.(IB) 48/2017, and it clarifies that State Bank of India has
got full knowledge about the winding up proceedings pending before the Hon'ble High Court of

Bombay. Learned Counsel appearing for the Applicant further contended that it is on account of
the Joint Lenders Forum proposes to place a concrete scheme before the Hon'ble High Court the
admission of the winding up petition and the appointment of Interim Liquidator has been

postponed.
7. Learned Counsel appearing for the Applicant further contended that any order passed in this
Application may result in conflict with the order that is going to be passed by the Hon'ble High

Court of Bombay on 19th July, 2017 or thereafter.
8. Learned Counsel appearing for the State Bank of India contended that Applicant is not entitled to

take shelter under Section 446 of the Companies Act, 1956 in view of the fact that the winding up
petition has not yet been admitted; no winding up order has been passed; and no Liquidator was
appointed.

9. Learned Counsel appearing for the Applicant fairly conceded that his case is not covered by the
provisions of Section 446 of the Companies Act, 1956 since no winding up order was passed and
no Liquidator was appointed till today by the Hon'ble High Court of Bombay.

10. The contention of the learned Counsel appearing for the Applicant, that Company Petition No.
194 of 2016 filed by HSBC has to be adjudicated only before the Hon'ble High Court of Bombay,
merits acceptance in view of the Companies (Transfer of Pending Proceedings) Rules, 2016. Rule

5 is the relevant Rule in the said Rules.
11. In Company Petition No. 194 of 2016, notices have been served on the Respondent and therefore

the proceedings in Company Petition No. 194/2016 shall take place only before the Hon'ble High
Court of Bombay in accordance with the provisions of the Companies Act, 1956.
12. This Insolvency Application is filed by State Bank of India and its Associate Banks in their

capacity as 'Financial Creditors'. Whereas Company Petition No. 194 of 2016 is filed by an Agent
of some other Financial Creditors including the present Applicant.

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