R. Varadharajan, Member - (1.) This petition filed by the companies above named is coming up finally before us on 20.07.2017 for the purpose of the approval of the scheme of arrangement, as contemplated between the companies and its shareholders by way of amalgamation of the Transferor No. 1/Petitioner Company, Transferor No. 2/Petitioner Company with the Transferee Petitioner Company. A perusal of the petition discloses that initially the application seeking the dispensation of the meetings of equity shareholders, secured and unsecured creditors were filed before the Hon'ble High Court of Delhi in CA (M) 151/2016. The Hon'ble High Court of Delhi vide its order dated 21.10.2016 was pleased to dispense with the requirement of convening the meetings of the equity shareholders and unsecured creditors of all the Petitioner Companies, in view of their consents having been obtained and produced before it. In relation to the Secured Creditors of all the Petitioner Companies, there was none, hence the necessity of convening the meeting did not arise.
(2.) Under the circumstances, the petitioners have filed their joint petitions for sanction of the Scheme of Amalgamation before the Hon'ble High Court of Delhi under the erstwhile provisions, subsequent to the order of dispensation of the meeting as ordered by the Hon'ble High Court of Delhi on 21.10.2016.
(3.) While the joint petition in C.P. No. 4 of 2017 was pending disposal since the provisions relating to compromises, arrangements and amalgamation as contemplated under Sections 230-232 had been notified w.e.f. 15.12.2016 wherein the power to consider such schemes have now been vested with the National Company Law Tribunal, the Hon'ble High Court of Delhi pursuant to the notification bearing No. DL. 33004/99 dated 7.12.2016 issued by the Ministry of Corporate Affairs has transferred/transmitted the records of the above petition to this Tribunal vide order dated 04.01.2017, for our consideration.;