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12226600Section 230 Compromise, arrangements and amalgamation Petition for sanction of scheme of amalgamation Scheme approved by shareholders and creditor No investigation proceedings pending against transferor and transferee companies -- Transferor company (KSPL) and Transferee company decided for amalgamation of the transferor company into the transferee company. Therefore, the transferor company filed petition under sections 230 to 232 for sanction of scheme of amalgamation on the ground that the scheme was approved by equity shareholders and creditors. Held: The equity shareholders and the creditors had given their consent to the scheme. Further that, both the companies had complied with proviso to section 230(7)/section 232(......
2020 TaxPub(CL) 1407 (NCLT-Chen) Kaar Solutions India (P) Ltd. v. Kaar Technologies India (P) Ltd. In favour of Petitioner, NCLT-Chen, CP/56/CAA/2020 in CA/1066/CAA/2019, 08-Jun-2020

12226400Section 230 Compromise, arrangements and amalgamation Petition for sanction of scheme of amalgamation Scheme approved by shareholders and creditor Non-pendency of investigation proceedings against transferor company -- Transferor company (GSPL) and Transferee company decided for amalgamation of the transferor company into the transferee company. Therefore, the transferor company filed petition under sections 230 to 232 for sanction of scheme of amalgamation on the ground that the scheme was approved by equity shareholders and creditors. Held: The equity shareholders and the creditors had given their consent to the scheme. Official Liquidator in his report submitted that affairs of the transferor company did no......
2020 TaxPub(CL) 1406 (NCLAT-Del) Girja Shankar Agrochem (P) Ltd. v. Anurati Buildcon (P) Ltd. In favour of Petitioner, NCLAT-Del, CAA-13/ND/2018 in CA(CAA)-137/ND/2017, 31-Jul-2020

12226200Section 66 Reduction of share capital Petition for reduction of share capital Shareholders approved reduction of share capital by passing a special resolution All requisite statutory procedures fulfilled by company -- Company filed petition under section 66 for reduction of its share capital on the ground that shareholders had approved the reduction of share capital by passing a special resolution. Held: Since the shareholders of the company had approved the reduction of share capital by passing the special resolution. Further that, the company had complied with all statutory requirements as per directions of this Tribunal. The company also undertook to comply with statutory requirements, if any, under the ......
2020 TaxPub(CL) 1405 (NCLAT-Mum) Kamani Foods (P) Ltd., In re In favour of Petitioner, NCLAT-Mum, CP No. 3778/66/MB-IV/2020, 21-Sep-2020

12225900Section 59 Rectification of register of members Application for condoning delay of 4 years in filing petition Petition barred by limitation Question of limitation, whether to be decided as preliminary issue -- Shareholder (AMPL) acquired shares of the company, but the company refused to register the shares. Therefore, the shareholder filed an application under section 59 seeking relief to pass an order condoning delay of 4 years in filing present petition and pass such further or other orders as Tribunal would deem fit. The company raised objection that the petition was barred by limitation as the shareholder had chosen to file the application before this Tribunal seeking to condone the delay of 4 yea......
2020 TaxPub(CL) 1403 (NCLT-Chen) Amrex Marketing (P) Ltd. v. Srisesava Hospital (P) Ltd. & Ors. In favour of Applicant, NCLT-Chen, MA/662/2018 in CP/95/2017, 05-May-2020

12227000Sections 230 Compromise, arrangements and amalgamation Petition for sanction of scheme of merger by absorption Scheme approved by shareholders and creditors Compliance made of all statutory requirements -- Transferor company and Transferee company proposed scheme of merger by absorption of the transferor company with the transferee company and their respective shareholders. Therefore, the transferor company filed petition under sections 230 to 232 for sanction of the scheme on the ground that the scheme was approved by their equity shareholders and creditors. Held: The equity shareholders and the creditors had given their consent to the scheme. Further that, Official Liquidator had filed his rep......
2020 TaxPub(CL) 1411 (NCLAT-Mum) Lombards (P) Ltd., In re In favour of Petitioner, NCLAT-Mum, C.P. (CAA)/4311/MB/2019 in C.A. (CAA)/609/MB/2019, 24-Jan-2020

12232300Section 230 Compromise, arrangements and amalgamation Petition for sanction of scheme of amalgamation Scheme approved by shareholders and creditors Complying with all statutory requirements -- Transferor companies and Transferee Company decided for amalgamation of the transferor companies into the transferee company. Therefore, the transferor companies filed petition under sections 230 to 232 for sanction of scheme of amalgamation and arrangement on the ground that the scheme was approved by their equity shareholders and creditors. Held: The equity shareholders and the creditors had given their consent to the scheme. Affidavit filed by Regional Director, report of official liquidato......
2020 TaxPub(CL) 1431 (NCLT-Chd) Glaxo Smith Kline Consumer Healthcare Ltd. v. Hindustan Unilever Ltd. In favour of Petitioner, NCLT-Chd, CP (CAA) No. 17/Chd/Pb/2019, 26-Feb-2020

12232200Section 230 Compromise, arrangements and amalgamation Application for sanction of scheme of amalgamation Complying with Accounting Standards prescribed under section 133 Directions of holding meetings of shareholders, secured creditors and unsecured creditors -- Transferor companies and transferee company decided for amalgamation of the transferor companies into the transferee company. Therefore, the transferor companies filed application under sections 230 to 232 seeking sanction of scheme of amalgamation. Held: Statutory auditors of the transferor companies and the transferee company had furnished certificates stating that accounting treatment contained in the scheme was in conformity with Accounting Standards prescribed under section 133. Therefore......
2020 TaxPub(CL) 1430 (NCLT-Chd) Hansvahini Auto Interior (P) Ltd. & Ors. v. HH Interior & Auto Components Ltd. In favour of Applicant, NCLT-Chd, CA (CAA) No. 4/Chd/Pb/2020, 27-Feb-2020

12232100Section 230 Power to compromise or make arrangements with creditors and members Interlocutory application filed for non-sanctioning of scheme Scheme of arrangement applied only to operational creditors Financial creditors not affected by scheme -- Company (SIIL) filed an application for sanction of scheme of arrangement with its operational creditor. Bank filed an interlocutory application for non-sanctioning of the scheme on the ground that the scheme was not in conformity with statutory requirements of section 230(2)(a) and (c), inasmuch as the proposed scheme had not been consented to by 75% of secured creditors. Held: The scheme applied only to the operational creditors and not to financial creditors. The Bank was admittedly a Financi......
2020 TaxPub(CL) 1429 (NCLT-Mum) ICICI Bank Ltd. v. Supreme Infrastructure India Ltd. Against Applicant, NCLT-Mum, IA 904/MB.IV/2020 & IA 1002/MB.IV/2020 in CA (CAA)/401/MB.IV/2020, 27-Jul-2020

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