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TMI Blog2018 (2) TMI 1838X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 to 58 and therefore the service of petition under Section 55 to 58 to the 2nd Respondent (Intervener) stands complied. The case be remitted back to the Adjudicating Authority to decide all the issues including the question of maintainability of the intervention petition keeping in mind the allegations made therein and the penal provisions including Section 65 as referred to above. - Company Appeal (AT) (Insolvency) No. 38 of 2018 - - - Dated:- 20-2-2018 - S. J. Mukhopadhaya And Bansi Lal Bhat, JJ. For Appellant: Mr. Jayant Mehta, Mr. Pankaj Jain, Mr. Shubhan Roy and Mr. Rahul Kukreja, Advocates. Ms. Neha Somani, Pr.CS. For Respondents: Mr. Sabsyasachi Chaudhary and Mr. Ashish Choudhury, Advocates. ORDER The Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled by the Appellant against the 1st Respondent which is pending before the Adjudicating Authority. The Intervener, 2nd Respondent herein has no locus standi to maintain any petition as he is neither a shareholder nor a creditor nor a debtor nor a financial creditor nor a corporate debtor. The Intervener has no privity of contract with any party. 3. Learned counsel appearing on behalf of 2nd Respondent (Intervener before the Adjudicating Authority) refer to Section 65 of I B Code , which reads as follows: 65. Fraudulent or malicious initiation of proceedings. (1) If, any person initiates the insolvency resolution process or liquidation proceedings fraudulently or with malicious intent for any purpose other than for the resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Process can be initiated under Section 7 or Section 9 or Section 10 of I B Code . Section 55 to 58 of I B Code also relates to initiation of Corporate Insolvency Resolution Process known as Fast Track Corporate Insolvency Resolution Process . Section 65 of I B Code which relates to penal provision not only covers initiation of Corporate Insolvency Resolution Process under Section 7 or 9 or 10 but will also cover Fast Track Corporate Insolvency Resolution Process , if initiated under Section 55 to 58 of the I B Code . 6. Such being the position, any person may intervene and may bring the facts to the notice of the Adjudicating Authority. So far as the Respondent (Intervener) is concerned, we leave the question open for Adjudi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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