KOTAK MAHINDRA BANK LTD Vs. PAREKH ALUMINEX LTD

JUDGEMENT

(1.) Cp No. 1262/I&BC/NCLT/MB/2017 i. This Petition was filed by the "Financial Creditor" in respect of a Debt amount of RS. 1,39,76,30,566/- against Financial/Corporate Debtor M/s. Parekh Aluminex Limited. An argument has been raised by the "Corporate Debtor" that in a situation when against the same Debtor the "winding up" Petition has been admitted by the Hon'ble Bombay High Court in CP No. 136 of 2014 and Others vide an Order dated 11.04.2017, hence this Petition of the Financial Creditor could not be allowed to be admitted because of the reason that this "Financial Creditor" along with the other Financial Creditors can be an Intervener or can be a Member of the Committee of Creditors.

(2.) It has also been pleaded that against the same Financial Debtor a Petition in the Insolvency & Bankruptcy bearing No. TCP 829 filed by the ICICI Bank has also been filed before the NCLT, Mumbai. Similarly, a Petition filed by UCO Bank against the same Financial Debtor before NCLT, Mumbai pending disposal.

(3.) However, in the course of the hearing the Respondent has also suggested, alternatively that no prejudice shall be caused to the Respondent Debtor if the Petition of the Financial Creditor is admitted.