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2022 (11) TMI 700 - AT - Insolvency and BankruptcySeeking permission to Applicant to intervene in the present Company Petition - seeking direction to the Operational Creditor to supply to copies of the pleadings to the Applicant - Appellant’s case in the application was that the Appellant has 99.19% exposure in the debt of the Corporate Debtor and any order of admission will have impact on the Applicant/Appellant - HELD THAT:- From the facts which have been brought on the record, it is clear that Appellant are Financial Creditor who had exposure to extent of 99.19% debt owed by the Corporate Debtor. Learned counsel for the Respondent is right in his submission that in Section 9 proceedings Financial Creditor has right to intervene only after Section 9 application is admitted, then they can file claim and be part of the CoC. After stating the facts, especially the fact that Appellant has exposure of 99.19% to the debt of the Corporate Debtor and further it initiated proceedings under SARFAESI Act, 2002 and has taken possession of the assets of the Corporate Debtor, in the application it is stated that it is entitled to have knowledge of the affairs of the Corporate Debtor including proceedings initiated by or against the Corporate Debtor. In the circumstances, it has prayed for intervention and in alternative has prayed for Applicant’s counsel be permitted to advance its submissions at the time of final hearing. The fact that the Corporate Debtor had filed an application seeking direction to the Operational Creditor to bring materials on record regarding insurance claim and its disbursement itself indicate that in the Section 9 application filed by the Operational Creditor no details regarding claim lodged before the Insurance Company and disbursement have been brought on record - From the facts of the present case, especially the document brought on record by the Appellant i.e. ‘Claim Discharge and Subrogation Form’ dated 04.12.2017, the Appellants be permitted to intervene in the proceedings initiated under Section 9 by the Operational Creditor. Appeal allowed.
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