Mr. Sunil Singhania, Ad Vs. …for the Petitioners - Court Judgment

SooperKanoon Citationsooperkanoon.com/1118702
CourtKolkata High Court
Decided OnJan-10-2014
JudgeNADIRA PATHERYA
AppellantMr. Sunil Singhania, Ad
Respondent…for the Petitioners
Excerpt:
order sheet cp no.99 of 2013 ca no.809 of 2012 in the high court at calcutta original jurisdiction original side in the matter of : twistex india ltd.& anr. before: the hon'ble justice patherya date : 10th january, 2014. mr.d.n.sharma, mr.sunil singhania, adversus …for the petitioners ms.kanta roy, adv.…for the central government the court : this application has been filed under section 391(2) of the 1956 act. an objection has been raised by the central government with regard to non-holding of meeting of the creditors.both secured and unsecured of the transferor and transferee company. the transferor company has only two unsecured creditors both of which have given consent to the merger while the transferor company has no unsecured creditors.therefore in view of the consent given by the unsecured creditors of the transferee company and no unsecured creditors of the transferor company as on date, no meeting would be required to be held of the unsecured creditors.no term loan has been taken from any bank either the transferor company or the transferee company as will be evident from the balance sheet filed. a certificate has also been issued by the statutory auditors wherefrom it will appear that the transferor company has no secured creditors.in view of the aforesaid, the objection raised by the central government is not valid. accordingly, there will be an order in terms of prayers (a) to (j) of the petition. in the event the petitioners supply a computerised print out of the scheme and the schedule of assets in acceptable form to the department, the department is directed to append such computerised print out, upon verification to the certified copy of the order without insisting on a hand written copy. let costs of 200 gms.be paid to the central government by the applicant/petitioner herein in view of the aforesaid, c.p.99 of 2013 is disposed of. all parties concerned are to act on a signed photocopy of this order on the usual undertakings. (patherya, j.) tr/
Judgment:

ORDER

SHEET CP No.99 of 2013 CA No.809 of 2012 IN THE HIGH COURT AT CALCUTTA Original Jurisdiction ORIGINAL SIDE IN THE MATTER OF : TWISTEX INDIA LTD.& ANR.

BEFORE: The Hon'ble JUSTICE PATHERYA Date : 10th January, 2014.

Mr.D.N.Sharma, Mr.Sunil Singhania, Adversus …for the petitioners Ms.Kanta Roy, Adv.…for the Central Government The Court : This application has been filed under Section 391(2) of the 1956 Act.

An objection has been raised by the Central Government with regard to non-holding of meeting of the creditORS.both secured and unsecured of the transferor and transferee company.

The transferor company has only two unsecured creditors both of which have given consent to the merger while the transferor company has no unsecured creditORS.Therefore in view of the consent given by the unsecured creditors of the transferee company and no unsecured creditors of the transferor company as on date, no meeting would be required to be held of the unsecured creditORS.No term loan has been taken from any bank either the transferor company or the transferee company as will be evident from the balance sheet filed.

A certificate has also been issued by the statutory auditors wherefrom it will appear that the transferor company has no secured creditORS.In view of the aforesaid, the objection raised by the Central Government is not valid.

Accordingly, there will be an order in terms of prayers (a) to (j) of the petition.

In the event the petitioners supply a computerised print out of the scheme and the schedule of assets in acceptable form to the department, the department is directed to append such computerised print out, upon verification to the certified copy of the order without insisting on a hand written copy.

Let costs of 200 GMs.be paid to the Central Government by the applicant/petitioner herein In view of the aforesaid, C.P.99 of 2013 is disposed of.

All parties concerned are to act on a signed photocopy of this order on the usual undertakings.

(PATHERYA, J.) TR/