M.M.Kumar, President - (1.) This Petition filed by Nahar Enterprises Pvt. Ltd. (Demerged/ Petitioner Company No 1) and Matis Financial Pvt. Ltd, (Resultant/ Petitioner Company No. 2) is coming up finally before us on 05.07.2017 for the purpose of approval of Scheme of Arrangement by way of demerger of Real Estate Business of the Nahar Enterprises Pvt Ltd. into Matis Financial Pvt. Ltd. on the terms and conditions fully stated in the Scheme of Arrangement by way of demerger annexed at Annexure-4.
(2.) A perusal of the petition discloses that initially the application seeking the directions for dispensing with convening of the meeting of Equity Shareholders, Secured Creditors and Unsecured Creditors of Petitioner Company were filed before the Hon'ble High Court of Delhi being Co. Appl. (M) No. 168 of 2016. Hon'ble Delhi High Court vide its order dated 30.01.2016 was pleased to dispense with the requirement of convening of meetings of the Equity Shareholders and Unsecured Creditors of Petitioner Company in view of consent having been obtained and produced before it. Since there were no Secured Creditors in the Petitioner Companies, the requirement of obtaining their consents did not arise.
(3.) Under these circumstances, the petitioners had filed a petition for sanctioning of the Scheme of Arrangement before the National Company Law Tribunal, Principal Bench, New Delhi on subsequent to the order of the Hon'ble High Court of Delhi.;