NCLT JUDGEMENT ON SECTION 133, 230, 230(9), 231, 232 OF THE COMPANIES ACT, 2013


Skylark Industries Pvt. Ltd Vs. D. Pal Buildcon Pvt. Ltd, (2020) 06 NCLT CK 0051

NCLT allowed the application filed by the applicant companies under Section 230 to 232 read with Companies (Arrangements, Compromises and Amalgamations) Rules, 2016 and the National Company Law Tribunal Rules, for seeking appropriate orders/directions for dispensing with the respective meetings of the shareholders, secured and unsecured creditors of the transferor and transferee companies. While allowing the application NCLT held that in light of mandatory statutory provisions of Section 230 of the Companies Act, 2013 we are not able to dispense meetings of shareholders/members of both the companies. In respect of unsecured creditors since the consent affidavits have been placed on record the prayer is allowed. In respect of secured creditors, since there is no consent affidavit in term of Section 230 (9) of the Companies Act, 2013 the prayer of dispensation of the meetings of secured creditors of both the applicant companies is not legally permissible. This tribunal proposes to issue the directions with respect to calling, convening and holding of the meetings of the shareholders and Secured Creditors as well as issue of notices including by way of paper publications as follows.

Comments

Post a Comment

Popular posts from this blog

NCLT JUDGEMENT ON SECTION 8, 9, 13(1)(B), 13(1)(C), 14, 14(1), 15, 17, 18, 19, 20, 21, 31(1), 33 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016

Image
Maloo Bhatt And Co. Vs. Pet Metal Private Limited, (2020) 08 NCLT CK 0024 NCLT allowed the Application filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code,2016, to initiate Corporate Insolvency Resolution Process against Corporate Debtor for the amount of debt related to invoice raised for audit fees and other professional work. While allowing the appeal NCLT held that the amount of debt is more than Rs. 1 lacs which is not barred by law of limitation. The said amount has not been paid and no plausible defence has been put forward by Corporate Debtor. The Applicant has also provided MCA Data of the Corporate Debtor. The application is otherwise complete and defect free. It is also noted that no disciplinary proceedings are pending against the IRP whose consent is on record. Hence, he can be appointed to conduct Corporate Insolvency Resolution Process (CIRP). Accordingly, we admit this application and order.
Read more

NCLT JUDGEMENT ON SECTION 133, 230, 231, 232 OF THE COMPANIES ACT, 2013 AND RULE 3, 3(2) OF THE NATIONAL COMPANY LAW TRIBUNAL RULES, 2016

Image
Kalyankari Suppliers Private Limited And Ors Vs. Shiv Coal Benification And Power Private Limited, (2020) 05 NCLT CK 0015 NCLT allowed the application filed by the applicant under Section 230 to 232 read with Companies (Arrangements, Compromises and Amalgamations) Rules, 2016 in relation to Scheme of Amalgamation (For brevity "Scheme") proposed between the Applicants. While allowing the application NCLT held that taking into consideration the application and the documents filed herewith, we propose to issue the directions with respect to calling, convening and holding the meeting of Equity Shareholders, Partners, secured and unsecured creditors or dispensing the same.
Read more

NCLT JUDGEMENT ON SECTION 8, 8(1), 8(2), 9, 9(5)(1), 14, 15,16, 17, 18, 20, 21, 31(1), 33 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016

Image
Centuary Road Transport Pvt. Ltd Vs. Tyson Retail Services Pvt. Ltd, (2020) 06 NCLT CK 0044 NCLT allowed the application filed by the applicant under Section 9 of the IB Code for initiation of the CIRP of Corporate Debtor.   While allowing the application NCLT held that in view of Section 8, after the receiving of the demand notice delivered under Section 8(1) of the IB Code the Corporate Debtor is required to send the reply to demand notice or raised the pre-existing dispute or show the documents regarding the payment of the unpaid debt but here as we noticed that the Corporate Debtor has neither raised the pre-existing dispute nor filed any document to show that the amount has been paid by the Corporate Debtor to the Operational Creditor. If we shall consider the case in hand in the light of aforesaid provision then we find that herein the case in hand neither pre-existing dispute is raised nor payment of the unpaid Operation Debt is made, the application is complete and the ...
Read more