Page 216 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Ahmedabad Bench
contemplate any notice to other Financial Creditors. Section 7 of the Code and Rule 4 of the

Adjudication Rules contemplate only notice to the Corporate Debtor. The learned Counsel for the
Corporate Debtor appeared before this Adjudicating Authority and he was heard. Moreover, even
the Applicant herein wants winding up of Alok Industries Ltd. The provisions of Insolvency Code

initially contemplates Insolvency Resolution Process and in case of failure of Resolution Process,
then the Company would go for liquidation. Therefore, no prejudice is going to be caused to the

present Applicant even if CP No.(IB) 48/2017 is admitted. In case of admission of CP No. (IB)
48/2017, the present Applicant can as well represent his claim before the Interim Insolvency
Resolution professional and he will become one of the Members of Creditors Committee.

Therefore, no prejudice is going to be caused to the debt due to the present applicant or for that
matter any other Creditor even in case Insolvency Resolution Process is initiated under Section 7
of the Code. In case CP No.(IB) 48/2017 is not admitted, the present Applicant can pursue his

remedies in the Winding up proceedings pending before the Hon'ble High Court of Bombay.
Therefore, there is no need to permit the present Applicant to intervene in the proceedings in CP
No.(IB) 48/2017, that too on the date on which the matter is listed for pronouncement of orders in

GP No.(IB) 48/2017. There are no valid grounds to grant other reliefs prayed in this Application.
22. For the above said reasons, the Application is dismissed. No order as to costs.

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