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TMI Blog2017 (11) TMI 1711X X X X Extracts X X X X X X X X Extracts X X X X ..... s were convened on the request made by the applicant in its application of first motion. There is no request in the application for amendment of pleading in the first motion application. The Applicant appears to have further changed the Scheme as payment to certain Secured Creditors has now been made. It would, thus, require presentation of a new Scheme and the present Scheme has not been approved by the Secured Creditors and it would not qualify for an eventual approval of the Tribunal. Therefore, we dismiss the application with the liberty to the Applicant to modify the Scheme and re-start the process by filing a fresh Company petition. - CA no. 384 (PB)/2017 in CA(CAA) 50(PB)/2017 - - - Dated:- 3-11-2017 - CHIEF JUSTICE M.M.KUMAR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11.25 AM, however, the scrutinizer having not found the documents in order, to his satisfaction was constrained to reject all the proxies. Thus, no vote was allowed to be cast. It is also pertinent to mention that none of the Secured Creditors was present in person and out of 11 proxy letters that were received, 7 were rejected because they were only photocopies/e-mail and the originals thereof were not produced. Further, one of the Secured Creditors HDFC Bank (constituting 2 Secured Creditors) was also not permitted to vote for the reason that officer in charge had only come with an authority letter and did not file any proxy form. Further, proxy on behalf of the Syndicate Bank (constituting 2 Secured Creditors) was also not permitted as n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stage of First Motion has not met the approval of the Creditors as per the report of the Chairperson and scrutinizer. The meetings of Creditors were convened on the request made by the applicant in its application of first motion. There is no request in the application for amendment of pleading in the first motion application. The Applicant appears to have further changed the Scheme as payment to certain Secured Creditors has now been made. It would, thus, require presentation of a new Scheme and the present Scheme has not been approved by the Secured Creditors and it would not qualify for an eventual approval of the Tribunal. 5. Therefore, we dismiss the application with the liberty to the Applicant to modify the Scheme and re-start the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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