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2018 (2) TMI 446 - Tri - Insolvency and BankruptcyCorporate insolvency process - maintainability of joint application or joint Demand Notice by the Operational Creditor - Held that:- Footnote given in Form 5 is not in consonance with the provision of Section 8 of the I & B Code, because Section 8 does not authorise joint application or joint Demand Notice by the Operational Creditor. Section 7 which deals with the financial creditor allows joint application by the financial creditor. The note provided at the end of Form V, Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 requires reconsideration by Appropriate Authorities. This petition under Section 9 of the I & B Code cannot be filed in the representative capacity of 284 workers. The petitioner has filed this petition in the representative position of 284 employees which is not maintainable under Section 9 of the I & B Code. The operational creditor himself can file a petition regarding the debt of other persons, only in case debt is assigned or transferred to him. On this ground, the petition is not maintainable.
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