Ina Malhotra, Member - (1.) This Joint application has been filed by the Applicant Companies under sections 230 and 232 read with the sections 52 and 66 of the Companies Act, 2013 and other applicable provisions for the purpose of approving the Scheme of Arrangement, as contemplated between the Transferor Company with Transferee Company.
(2.) Both the Transferor and the Transferee Companies have their registered offices on the 1st Floor, 29-Daryaganj, Netaji Subash Marg, New Delhi-110002, which lies within the jurisdiction of this Tribunal.
(3.) A perusal of the petition discloses that initially the Transferor Company and Transferee Company had jointly filed the first motion application bearing C.A. No. (CAA)47/PB/2017. The Tribunal vide its order dated 19.05.2017 had dispensed with the meetings of the equity and preference shareholders of the Transferee Company in view of their consent affidavits being on record. In respect of its unsecured creditors, the meeting was directed to be convened on 14.07.2017. There were no secured creditors of the Transferor Company and therefore the requirement for convening meeting of Secured Creditors did not arise. In respect of the Transferee Company, it was directed that the meeting be convened for its equity shareholders, preferential Shareholders, series A 85 Band its unsecured creditors at the given time and venue. There are no Secured Creditors of the Transferee Company and therefore the requirement of convening meeting of the Secured Creditors did not arise.;