9911796707
TMI Blog2012 (10) TMI 628X X X X Extracts X X X X X X X X Extracts X X X X ..... t showing that the Applicant Transferee Company has paid off the said 2 (two) Secured Creditors has been placed on record. In these circumstances, no meeting of the Secured Creditors of the Applicant Transferee Company is required to be convened. Applicant Transferee Company has 210 Unsecured Creditors out of which 193 have been paid off as on date. Out of remaining 17 unpaid unsecured creditors, 11 unsecured creditors have given their consents to the scheme - application for scheme of Amalgamation allowed. - CO. APPL. (M) NO. 160/2012 - - - Dated:- 17-10-2012 - MS. INDERMEET KAUR J. Transferee Company Through: Mr. Abhishek Seth, Advocate INDERMEET KAUR, J. (Oral) 1. This is a first motion application under sections 391 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... em for the proposed scheme is as below: Company No. of shareholders Consents given No. of Secured Creditors Consents given No. of Unsecured creditors Consents given Transferor Company 1 2 All 1 All Total-117 Paid off- 94 Unpaid-23 17 Transferor Company 2 2 All Nil N.A. 3 All Transferee Company 3 All 2 N.A. (all secured creditors have been paid off as on date) Total-210 Paid off-193 Unpaid- 17 11 7. A prayer has been made for dispensation of the requirement of convening meeting of the Equity Shareholders of the Applicant Companies. 8. In view of the cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12. The Applicant Transferor Company 1 has 117 Unsecured Creditors out of which 94 have been paid off as on date by the Applicant Transferor Company 1. Out of remaining 23 unpaid unsecured creditors, 17 unsecured creditors have given their consents to the scheme. Learned counsel of the Transferor Company 1 submits that out of the total unsecured creditors, 94.87% in numbers representing 99.25% in value have either been paid off or Consent Letters have been received. Therefore meeting of the Unsecured Creditors of the Transferor Company 1 may be dispensed with. In view of the aforesaid submissions, meeting of the Unsecured Creditors of the Applicant Transferor Company 1 is dispensed with. 13. The Applicant Transferor Company 2 has 3 (thre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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