IN RE Vs. QUATRRO GLOBAL SERVICES PRIVATE LIMITED

JUDGEMENT

(1.) This is a joint Second Motion petition filed by the Petitioner-Companies for approval of the 'Scheme' of Arrangement (for brevity, the 'Scheme') between Quatrro Global Services Private Limited, Petitioner No.1, Quatrro Mortgage Solutions Private Ltd., Petitioner No.2 and Quatrro Mortgage Services Ltd. Petitioner No.3 (for brevity, P-1, P-2 and P-3 Companies) respectively. The joint petition is maintainable in the terms of sub-rule (2) of Rule 3 of the Companies (Compromises, Arrangements and Amalgamations) Rules 2016 for short to be referred hereinafter as 'the Rules'.

(2.) The Petitioner-Companies filed First Motion Company Petition CP No. 211/2016 (O & M) with the Hon'ble Punjab and Haryana High Court with prayer for dispensing with meetings of unsecured creditors of P-1 Company, equity shareholders, secured and unsecured creditors of P-2 and P-3 Companies and for convening of meetings of equity shareholders and secured creditors of P-1 Company. It was averred that there are no secured creditors of P-2 and P-3 Companies. It was also observed that 100% of the unsecured creditors of P-1 Company; equity shareholders and unsecured creditors of P-2 Company and equity shareholders of P-3 Company have given their consent to the Scheme.

(3.) In view of the above, vide orders dated 18.11.2016 in CP No.211 of 2016 Annexure P-9, the aforesaid prayers were allowed by the Hon'ble High Court and meetings of equity shareholders and secured creditors of P-1 were directed to be convened on 14.01.2017. The Hon'ble High Court further directed the common notice to be published in 'The Financial Express' (English) and 'Jansatta' (Hindi) both Delhi/NCR Editions and in the official Gazette of Government of Haryana.