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TMI Blog2020 (10) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... pears to be no impediment in sanctioning the present Scheme - Consequently, sanction is hereby granted to the Scheme under Section 230 to 232 of the Companies Act, 2013. The scheme is sanctioned. - Company Petition No. (CAA) No. 154(ND) of 2019 and CA-(CAA)-109(ND)/2019 - - - Dated:- 19-2-2020 - Dr. P.S.N. Prasad, Member (J) and Dr. V.K. Subburaj, Member (T) For the Appellant : Mahesh Agarwal, Zoheb Hussain For the Respondent : Tania Sharma, Advocates ORDER Dr. P.S.N. Prasad, Member (J) 1. This joint Application has been filed by the Petitioner Companies under Sections 230 to 232 of the Companies Act, 2013 read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and the National Company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... discloses that copies of petition were duly served on the Regional Director, Northern Region, Registrar of Companies, Delhi and Haryana, Income Tax Department in compliance of the order and in proof of the same acknowledgement by the respective offices have also been placed on record. 4. The Regional Director has at the time of oral hearing has submitted no objection against the sanction of the Scheme. The same has been noted in the order dated 07.01.2020 of this Tribunal. 5. The report of Income Tax Department shows that there are some pending transaction in respect of the demerged company however the Income Tax Department has submitted that the department has no objection against the approval of the scheme of arrangement subject to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Hindustan Lever Employees Union Vs. Hindustan Lever Limited reported in (1995) 5 SCC 491, the three Judges Bench of Hon'ble Supreme Court has held that: A company court does not exercise appellate jurisdiction over a scheme and its jurisdiction is limited to ascertaining fairness, justness and reasonableness of the Scheme and to ensure that neither any law has been violated or public interest compromised in the process. 11. Right to apply for the sanction of the Scheme has been statutorily provided under Section 230-234 of the Companies Act, 2013 and therefore, it is open to the applicant companies to avail the benefits extended by statutory provisions and the Rules. 12. It has also been affirmed in the petition that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 18. THIS TRIBUNAL DO FURTHER ORDER(S): 1. All property, rights and powers of Demerged Company in respect of the demerged undertaking be transferred without further act or deed, to the Resulting Company and accordingly the same shall pursuant to Section 232 of the Act, be transferred to and vested in the Resulting Company for all intents, purpose and interest of the Demerged company in respect of the demerged undertaking subject nevertheless to all changes now affecting the same and; 2. All the liabilities (if any) and duties of Demerged company in respect of the demerged undertaking be transferred without further act or deed, to the Resulting Company and accordingly the same shall pursuant to Section 232 of the Act, be transferre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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