9911796707
TMI Blog2012 (11) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... r Company with ACC Limited, the Transferee Company, under Sections 391 to 394 of the Companies Act, 1956. 3. Counsel appearing on behalf of the Petitioner Company has stated that the Petitioner Company has complied with all requirements as per the directions of this Court and they have filed necessary Affidavits of compliance in the Court. The Petitioner Company also undertakes to comply with all statutory requirements, if any, as required under the Companies Act, 1956 and the Rules made thereunder. The said undertaking is accepted. 4. The Regional Director has filed an Affidavit dated 18th September, 2012, stating therein, that save and except as stated in para 6, it appears that the Scheme is not prejudicial to the interest of sharehold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l notice of hearing of the Petition to the unsecured creditor, Advocate for the Petitioner Company has received letter dated 1st September, 2012 from GMK Concrete Mixing Private Limited raising its objection to the Petition on the grounds of outstanding payment from the Petitioner Company for an amount of Rs. 92,90,635/-. The Counsel for the Petitioner states that the claim made by the aforesaid unsecured creditor is a contractual dispute for balance payment withheld by the Petitioner Company for nonperformance and breach of contractual terms by the aforesaid unsecured creditor and consequential loss suffered by the Petitioner Company and is disputed by the Petitioner. The Counsel for the Petitioner further states that the said unsecured cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Petitioner further states that in any event the Scheme does not affect the rights of unsecured creditors of the Petitioner/ Transferor Company. It will be open to the unsecured creditors of the Petitioner/ Transferor Company including the above mentioned unsecured creditor, to pursue legal remedy as may be advised for recovery of their dues. Even otherwise, there is nothing on record to show that the creditors will be affected if the scheme is sanctioned. [Sanvijay Alloys Pvt. Ltd. - 2004 Company Cases Vol. 122 page 754 ] 8. On hearing the submission made by the Advocate for the Petition, I do not see any substance in the objection of the said unsecured creditor informed to the Petitioner. Further in spite of being on notice the said un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss strategies as it is not the court's domain. There is no reason not to accept the scheme so filed subject to the averments made in the above paragraphs. 11. Since all requisite statutory compliances have been fulfilled, Company Scheme Petition No. 605 of 2012 filed by the Petitioner Company is made absolute in terms of prayer clauses (a) and (b) of the said Petition; 12. The Petitioner Company to file a copy of this order alongwith a copy of the Scheme of Amalgamation duly authenticated by the Company Registrar, High (O.S.), Bombay, with the concerned Registrar of Companies, electronically, along with e- Form 21 in addition to physical copy within 30 days from the date of issuance of the order by the Registry. 13. The Petitioner Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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