Bikki Raveendra Babu, Member - (1.) Industrial and Commercial Bank of China Limited filed this Application for intervention in the proceedings filed by State Bank of India against Alok Industries Ltd., for triggering Insolvency Resolution Process under Section 7 of The Insolvency and Bankruptcy Code, 2016 (" Insolvency Code" for short) seeking permission to intervene in CP No. (IB) 48/2017; to dismiss CP No. (IB) 48/2017 or in the alternative to stay the proceedings in CP No. (IB) 48/2017.
(2.) The facts in brief, that are germane for the disposal of this Application are as follows; 2.1. The Hongkong and Shanghai Banking Corporation Limited ("HSBC") as an agent of Lenders including the present Applicant, filed Company Petition No. 194 of 2016 on 8th March, 2016 before the Hon'ble High Court of Bombay seeking winding up of Alok Industries Ltd. under Section 433(e) of the Companies Act, 1956. 2.2. During the pendency of winding up petition, State Bank of India, who is the Petitioner in CP No. (IB) 48/2017 filed an Intervention Application, being Company Application (L) No. 353 of 2016 on 27th April, 2016; seeking the vacation of the order dated 11th March, 2016 and permission to implement the Resolutions passed at the EOGM of Alok Industries Limited dated 14th March, 2016 and to keep the Company Petition in abeyance. State Bank of India sought withdrawal of Intervention Application vide CA No. 353 of 2016 and it was accordingly dismissed as withdrawn on 3rd May, 2017. On 15th May, 2017 Alok Industries Ltd. placed before the Hon'ble High Court of Bombay a draft Restructuring Proposal which has not yet been approved by Joint Lenders Forum (JLF). State Bank of India having withdrawn its Intervention Application in the Company Petition No. 194 of 2016 filed this Application before this Adjudicating Authority on 29th June, 2017. The Company Petition No. 194 of 2016 is listed for admission before the Hon'ble Bombay High Court on 19.7.2017 for admission. 2.3. It is the case of the present Applicant in this Application that the winding up petitions filed before the Hon'ble High Courts in which notices are served on the Respondents would remain in the High Courts and such petitions shall be disposed of according to the provisions of Companies Act, 1956 and therefore on the ground that notices have been served on the Respondents, Company Petition No. 194 of 2016 had been retained with the Hon'ble High Court of Bombay in view of the Companies (Transfer of Pending Proceedings) Rules, 2016. 2.4. Further, it is the case of the Applicant that when the winding up proceedings are at an advanced stage before the Hon'ble High Court of Bombay, any order passed in CP No. (IB) 48/2017 will lead to conflicting orders being passed by different forums. The present Application is filed before this Authority on 17.7.2017. The notice on this Application has been served on the State Bank of India and Alok Industries Ltd.
(3.) Heard the arguments of learned Senior Counsel appearing for Industrial And Commercial Bank of China Ltd. and the learned counsel appearing for the State Bank of India and Alok Industries Ltd.;