- (1.) Originally these two Petitions were filed before the Hon'ble High Court of Karnataka and they were numbered as Co. P. No. 182/2016 &. Co.P. No. 183/2016. Subsequently as per Notification No. GSR.1119 (E) dated 7th December 2016 issued by the Ministry of Corporate Affairs, New Delhi, the said cases are transferred to this Tribunal and renumbered as T.P No. 196/2017 &T.P No. 197/2017.
(2.) These Company Petitions were filed on behalf of the Petitioner Companies under Section 391-394 of the Companies Act, 1956 read with Rule 9 of the Companies (Court) Rules, 1959, praying to order for sanctioning the Scheme of Arrangement of the Demerged/Transferor Company with the Resulting/Transferee Company and shall be binding upon all the Shareholders and Creditors of both the Companies.
(3.) The averments made in the Company Petitions are briefly described hereunder:- "The Petitioner Companies seeks an order for sanctioning the Scheme of Arrangement for demerger of Residential Solutions Undertaking of Ingersoll-Rand International (India) Private Limited (Transferor/Demerged Company) into Ingersoll-Rand Climate Solutions Private Limited (Transferee/Resulting Company). The Scheme of Arrangement is shown as Annexure A.";