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TMI Blog2022 (12) TMI 981X X X X Extracts X X X X X X X X Extracts X X X X ..... ditor or class of creditors. Present is a case where hundred per cent of the Financial Creditor has approved the scheme. The direction of the Tribunal needs to be set aside and the Adjudicating Authority is required to consider the dispensation of the second motion notice in view of the facts of the present case as per Section 230(9) of the Companies Act, 2013. Appeal disposed off. - Company Appeal ( AT ) ( Insolvency ) No. 1460 of 2022 - - - Dated:- 22-12-2022 - [ Justice Ashok Bhushan ] Chairperson And [ Ms. Shreesha Merla ] Member ( Technical ) For the Appellant : Mr. Abhishek Anand , Mr. Nipun Gautam , Mr. Sajal Jain , Mr. Karan Kohli , Advocates For the Respondent : Mohd. Moonis Ammasi , Advocate for R - 2 O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h order was challenged in this Appeal and while entertaining the Appeal, following order was passed on 05.12.2022: Learned counsel for the Appellant submits that the Adjudicating Authority has directed for filing of application for second motion whereas the only Secured Creditor having given consent to the scheme there was no occasion to direct for second motion, in view of invocation of Section 230 Sub-section 9 of the Companies Act, 2013. Issue notice. Requisite alongwith process fee be filed within three days. Appellant may serve the Respondents personally also. List this Appeal on 22.12.2022. 4. Learned Counsel for the Appellant submits that in the present case, the sole Financial Creditor is Small Industries Deve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies Act, 2013, this Hon ble Adjudicating Authority is empowered to dispense with calling of a meeting of a creditor of class of creditors where such creditor having at least ninety per cent value, agree and confirm by way of affidavit, to the scheme of compromise or arrangement. 8. Section 230(5) and Section 230(9) of the Companies Act are as follows: 230(5) A notice under sub-section (3) along with all the documents in such form as may be prescribed shall also be sent to the Central Government, the income-tax authorities, the Reserve Bank of India, the Securities and Exchange Board, the Registrar, the respective stock exchanges, the Official Liquidator, the Competition Commission of India established under sub-section (1) of sec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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