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2017 (8) TMI 623 - Tri - Insolvency and BankruptcyInsolvency Resolution Process - Insolvency and Bankruptcy Code, 2016 - Held that:- Neither Section 7 of the Code nor the relevant Rule 4 of the Adjudication Rules do not 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 CP No.(IB) 48/2017.
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