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2018 (11) TMI 558 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - default in repayment of loan advanced to the corporate debtor - winding up petition filed against the Corporate Debtor has been admitted - Held that:- If a winding up petition filed against the Corporate Debtor has been admitted by Hon'ble High Court and notice under rule 26 of the Companies (Court) Rules, 1959 was issued and such Company petition has not been transferred after the commencement of Insolvency and Bankruptcy Code, 2016 and winding up proceedings has been initiated and pending before the Hon'ble High court the remedy if any available to the creditors who has not joined in the said winding up proceedings is not to approach to the Tribunal under the provisions of the Code but to submit its claim before the Hon'ble high Court. Here in the case in hand, the Applicant Lakhotia transport Co. Pvt. Ltd. has moved the winding up petition long before the filing of this application by the Financial Creditor before this Tribunal. The winding up petition was filed before the Hon'ble High Court at Calcutta on 16-09-2014 and it was admitted on 17-08-2015 and notice was issued and advertisement of winding up petition was caused in the newspaper in terms of the winding up order on 14-09-2015. That order of admission of winding up proceedings is still in force. Truly the Financial Creditor has got an order referred to earlier from the Hon'ble High Court for reissuing publication of advertisement relating to winding up in the newspaper. It is incorrect to say that the order of admission was recalled as submitted by the Ld. Counsel for the Financial Creditor. In view of the above said discussion, it is considered view that applicable filed by the Financial Creditor (SBI) under section 7 of the I&B Code is not maintainable
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