Ravikumar Duraisamy, Member - (1.) The Company Petitions bearing C.P. No. 334/2016 [CP(TCAA) No. 30/HDB/2017] and C.P. No. 335/2016 [CP(TCAA) No. 31/HDB/2017] were filed by Giant Power Industries Private Limited (Petitioner/Transferor Company) and APT Power Engineering Limited (Petitioner/Transferee Company) respectively before the Hon'ble High Court of Judicature at Hyderabad for the State of Telangana and the State of Andhra Pradesh under Sections 391 & 394 of the Companies Act 1956, by seeking the Hon'ble High Court to sanction scheme of Merger/Amalgamation in question (enclosed to the Company Petition), so as to be binding on all the Shareholders and Creditors of the Petitioner Companies.
(2.) As per Gazette Notification GSR 1134(E) : 0154/2016 dated 14th December, 2016 issued by the Ministry of Corporate Affairs with effective date of 15th December, 2016 and in terms of Rule 15 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 & Rule 23A of NCLT Rules R/w Rule 3 of Companies (Transfer of Pending Proceedings) Rules, 2016, jurisdiction is conferred on this Tribunal in respect of subject cases and thus pending cases also transferred from the Hon'ble High Court to the NCLT. Accordingly, the Hon'ble High Court transferred these cases to this Bench. On transfer, the cases were listed before this Bench on 01.02.2017, 17.02.2017, 03.03.2017, 20.06.2017, 23.06.2017; 27.06.2017; 30.06.2017; 07.07.2017; 18.07.2017 and finally posted on 01.08.2017 for certain clarifications i.e. exchange ratio of shares consequent to the sanction of Scheme, Appointed Date and Latest Balance Sheet etc.
(3.) Heard, Mr. K. Phani Kumar, Learned Counsel for the Petitioner Companies, Mr. J. Srinath Reddy, Learned Counsel for the Official Liquidator, Mr. B. Appa Rao, Central Government Standing Counsel for RD and perused all pleadings along with material papers filed in its support.;