Company Petition No. 62(PB)/2017. Case: In Re: Khyati Nilum Associates Private Limited and Ors. Vs. Company Law Board

Case Number:Company Petition No. 62(PB)/2017
Party Name:In Re: Khyati Nilum Associates Private Limited and Ors. Vs
Counsel:For Appellant: Arun Saxena, Naliai, G.C. Pandey, Anushri Singh and Jayshree Dugar, Advocates
Judges:R. Varadharajan, Member (J) and Deepa Krishan, Member (T)
Issue:Company Law
Judgement Date:April 13, 2017
Court:Company Law Board
 
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Order:

  1. This Company Petition filed by the Petitioners is coming before us for admission and for fixing a date of hearing of the main Company Petition as well as for a direction in relation to publication in press to be effected and notices to be issued to the authorities concerned in relation to date of hearing of the Petition and calling for the objections, if any, to the Composite Scheme of Arrangement by way of Demerger (hereinafter for brevity referred to as "SCHEME") contemplated between the Petitioner Companies. From the records, it is seen that the First Motion seeking direction for convening the meeting of Equity Shareholders, Secured Creditors and Unsecured Creditors were filed before this Tribunal in Company Application No. 07/PB/2017 and based on such joint application moved under Sections 230-232 of the Companies Act, 2013, directions were issued by this Tribunal, where in the meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the Transferor/Demerging/Applicant Company No. 1 were convened with vide order dated 16th February, 2017. In relation to the Transferee/Resulting/Applicant Company No. 2, the meetings of the Equity Shareholders were directed to be convened by this Tribunal vide order dated 16th February, 2017, whereas in relation to the Secured Creditors and Unsecured Creditors of the Transferee/Resulting/Applicant Company No. 2, the necessity of convening the meetings did not arise as there were none in the Transferee/Resulting/Applicant Company No. 2 as per the submissions of it. In compliance with the directions issued by this Tribunal on 16th February, 2017, the Petitioner Companies have held the meeting as contemplated by the said order on 29.03.2017 and to which effect the Chairperson appointed by the this Tribunal also filed reports as detailed hereunder:-

  2. Subsequent to the conduct of the meetings as directed, now this petition on second motion filed on 05.04.2017 is coming up before us for fixing a date of hearing as well as other consequential directions in terms of provisions of Sections 230 to 232 of Companies Act, 2013 read with Rule 16 of the Companies (Compromise, Arrangements and Amalgamation) Rules, 2016 brought into effect and on and from 15.12.2016 and it is now hereby ordered as follows:-

"(i) The date of hearing of the Joint Petition filed by the Petitioners for the approval of the Scheme is fixed on 15th May, 2017.

(ii) Notice of the hearing shall be advertised in...

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