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TMI Blog2009 (3) TMI 561X X X X Extracts X X X X X X X X Extracts X X X X ..... y. Nor are there any liabilities that the transferee-company is exposed to. This is so provided in the balance sheet and the profit and loss account for the year ending 31-3-2008. The unaudited balance sheet and the profit and loss account for the period ended on 30-9-2008 indicates the liability of only ₹ 38,000. The creditors are the directors of the company themselves. The same does not warrant a refusal of an order sanctioning the scheme. Scheme allowed. - COMPANY PETITION NOS. 63 AND 64 OF 2009 AND COMPANY APPLICATION NOS. 1652 AND 1653 OF 2008 - - - Dated:- 21-3-2009 - S.J. VAZIFDAR, J. Shyam Mehta and Rajesh Shah for the Petitioner. Ms. S.V. Bharucha, P. Khosla and S.K. Mohapatra for the Regional Director. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resent and future liabilities arising out of the activities or operations of Steel Business, including loans, debts, current liabilities and provisions, duties and obligations relatable to the Steel Division; 1.10-3 Without prejudice to the generality of the above, the Steel Division shall include in particular : ( a )all properties required for the Steel Division wherever situated, including all current assets, funds, offices, furniture, fixtures, office equipment, appliances, accessories, vehicles; ( b )all permits, rights, entitlements, bids, tenders, letters of intent, expressions of interest, municipal and other statutory permissions, approvals, consents, licenses, registrations, subsidies, concessions, exemptions, remissions r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all duties and obligations which are relatable to Steel Division; ( e )all earnest moneys and/or security deposits, if any, paid or received by the ARIIL in connection with or relating to the Steel Division; 1.10-4 For the purpose of this Scheme, it is clarified that liabilities pertaining to the Steel Division include: ( a )the liabilities, which arise out of the respective activities or operations of the Steel Division; ( b )specific loans and borrowings raised, incurred and utilized solely for the respective activities or operation of the Steel Division; ( c )liabilities other than those referred to in sub-clauses ( a ) and ( b ) above, being the amounts of general or multipurpose borrowings of ARIIL, allocated to the Stee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the case. 7. It is pertinent to note that in the present case apart from stating that the details of the assets which form a part of the scheme have not been enumerated nothing adverse regarding the scheme as such is stated. Nor is it even suggested that as a result thereof the interest of any concerned party has been adversely affected. Further still the entire procedure has been complied with and no objection has been raised by any party including the creditors and members. 8. Lastly, it is pertinent to note that the members and the creditors of the petitioners will not be affected adversely by the scheme as there are no creditors of the transferee-company. Nor are there any liabilities that the transferee-company is exposed to. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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