- (1.) This appeal under Section 483 of the Companies Act, 1956 impugns the judgment dated 23rd July, 2012 of the Company Judge of this Court dismissing Company Application No.762/2009 preferred by the appellant in Company Petition No.4/2003.
(2.) Company Petition No.4/2003 was preferred by Indo Rama Textiles Limited (IRTL) for sanctioning of a Scheme and which was sanctioned on 27th February, 2003. Simultaneously, the respondent had also approached the Madhya Pradesh High Court and which also vide order dated 24th March, 2003 sanctioned the Scheme qua the respondent. Under the said Schemes sanctioned by this Court and by the Madhya Pradesh High Court, the spinning business of the respondent was demerged as a going concern and transferred to IRTL, with the respondent retaining the polymer business. IRTL subsequently in or about December, 2006 was amalgamated with the appellant.
(3.) Company Application No.762/2009 was filed by the appellant under Section 392(1)(b) for modification of the Scheme qua IRTL sanctioned by this Court on 27th February, 2003 and for a direction to the respondent to transfer certain assets including a part of the housing colony occupied for use by the workers/employees of the erstwhile IRTL to the appellant or in the alternative to pay to the appellant the value of the said assets amounting to Rs.61,30,56,983/-.;