9911796707
TMI Blog2019 (12) TMI 1434X X X X Extracts X X X X X X X X Extracts X X X X ..... (9) of the Act. It is found that there are no Secured Creditors in all the Applicant Companies and hence no need to convene the meeting of the Secured Creditors of all the Applicant Companies. It is also found that all the Unsecured Creditors of the Transferor CompanyIl and Transferor Company-Ill have given respective consent affidavit agreeing to the Scheme. Hence the meeting of the Unsecured Creditors of the Transferor Company-Il and Transferor Company-Ill are dispensed with, in terms of Section 230(9) of the Act. The Transferee Company has no unsecured creditors. Thus no meeting is contemplated. The Transferor Company No. I has seventy seven (77) Unsecured Creditors as on 30.06.2019 as per the report of the Auditor having total de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Applicant Companies are situated in the State of Andhra Pradesh and therefore, they are within the jurisdiction of this Tribunal. 4. Brief facts leading to the filing of present case are as follows: (a) The Applicant/Transferor Company-I was incorporated as a Private Limited Company on 10.10.2009 and converted into a Public Company on 01.10.2010. The Authorised Share Capital as on 31.03.2019 is ₹ 102,77,61,530/- consists of (i) Equity Share Capital of ₹ 42,99,31,730/- divided into 4,29,93,173 equity shares of ₹ 10/each and (ii) Compulsory Convertible Preference Share Capital of ₹ 59,78,29,800/- divided into 59,78,298 of₹ 100/- each. The issued, subscribed and paid up equity share capital is ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sued, subscribed and paid up share capital is Rs. divided into 10,000 equity shares of ₹ 10/- each. Main objects of the Company are to carry on the business of support services to educational institutes, schools, colleges, coaching centers in India and abroad. (d) The Applicant/Transferee Company was incorporated as a Private Limited Company on 05.11.2009 and the Authorised Share Capital as on 31.03.2019 is ₹ 25,00,00,000/- divided into 2,50,00,000 equity shares of₹ 10/- each. The issued, subscribed and paid up share capital is ₹ 21,20,95,500/- divided into 2,12,09,550 equity shares of ₹ 10/each. Main objects of the Company are to carry on the business of support services to educational institutes, schools, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 99.99% and they have given their consent in the form of affidavits agreeing the Scheme. Further, there is One (1) Preference Shareholder holding 59,78,298 preference shares and has given its consent in the form of Affidavit agreeing to the Scheme. 9. The Applicant Transferor Company-I has filed certificate of the Auditor stating that as on 30.06.2019 there are no Secured Creditors in the Transferor Company-I. 10. The Applicant Transferor Company-I has filed certificate of the Auditor to the effect that as on 30.06.2019 there were seventy seven (77) Unsecured Creditors for a total value of ₹ 57,77,818/-. Thirty five (35) of these having the credit value of ₹ 44,05,566/- constituting 78.98% of the total credit value have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... older holding 9,999 equity shares constituting 99.99% and has given its consent in the form of affidavit agreeing to the Scheme. 15. The Applicant Transferor Company-Ill has filed certificate of the Auditor stating that as on 30.06.2019 there are no Secured Creditors in the Transferor Company-Ill. 16. The Applicant Transferor Company-Ill has filed certificate of the Auditor stating that as on 30.06.2019 there is One (1) Unsecured Creditor for a sum of ₹ 11,25,00,000/- and has given its consent in the form of affidavit agreeing to the Scheme. 17. The Applicant Transferee Company has filed certificate of the Auditor stating that as on 30.06.2019 there are Three (3) Equity Shareholders together holding 2,12,09,550 equity shares, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ors. Thus no meeting is contemplated. 24. The Transferor Company No. I has seventy seven (77) Unsecured Creditors as on 30.06.2019 as per the report of the Auditor having total debt of ₹ 57,77,818/-. Thirty Five (35) Unsecured creditors have given their consent to the Scheme by way of affidavits. Later, a memo dated 18.11.2019 was filed showing discharge of 40 unsecured creditors having a debt to the tune of ₹ 13,61,963/-. As per order dated 20.12.2019, the Petitioner furnished the Report of the Auditor certifying discharge of Forty (40) Unsecured Creditors. Two creditors having a credit value of₹ 10,290/- have not given their consent. Thus the percentage of creditors who have consented to the scheme comes to 99.76% whi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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