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TMI Blog2019 (11) TMI 1668X X X X Extracts X X X X X X X X Extracts X X X X ..... l the companies in liquidation). An amended Scheme of amalgamation, compromise and arrangement has been filed vide CA No. 1118/2019. It has been prayed that the meetings of the equity shareholders of all the three companies which are admittedly in liquidation and the meeting of the depositors of Transferor Company-I and Transferee Company be dispensed with, and a direction be given for convening the meeting of the secured creditors of Transferor Company-I, Transferor Company-II and Transferee Company jointly. 2. Vide order dated 26.11.2019, directions were issued to supply a copy of the amended Scheme to the learned counsel for the Liquidator of all the three companies. The learned counsel for the Liquidator is present and relies on "Jinda ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CA No. 1118/2019, it has been, inter alia, stated that the State Bank of India, which is approximately 13% holder of the secured debt of the Hind Motors Limited-Transferor Company-I, has held the applicant ineligible as the Company is under liquidation and has submitted in this regard that once the said company is ordered to be out of liquidation, the State Bank of India shall be approached again for appropriate OTS. The re-call of the liquidation order can only be possible, when the amended Scheme of Amalgamation, Compromise and Arrangement is brought into effect. The re-calling of the liquidation order before becoming into effect of the Scheme would not be warranted by law. 6. Normally, a Scheme under Sections 230-232 of the Companies A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xx xxxx xxxx (b) xxxx xxxx xxxx (c) any scheme of corporate debt restructuring consented to by not less than seventy-five per cent of the secured creditors in value, including - (i) a creditor's responsibility statement in the prescribed form; (ii) safeguards for the protection of other secured and unsecured creditors; (iii) report by the auditor that the fund requirements of the company after the corporate debt restructuring as approved shall conform to the liquidity test based upon the estimates provided to them by the Board; (iv) where the company proposes to adopt the corporate debt restructuring guidelines specified by the Reserve Bank of India, a statement to that effect; and (v) a valuation report in respect of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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