Company reconstruction and amalgamation: orders may transfer undertakings and vest liabilities in the transferee, requiring certified filing. Section 394 permits the Tribunal, when sanctioning a compromise or arrangement for reconstruction or amalgamation, to order transfer of the whole or part of a transferor company's undertaking, property or liabilities to a transferee company; to provide for allotment of interests by the transferee; continuation of proceedings; dissolution without winding up; provision for dissenting persons; and incidental matters. Orders vest transferred property and liabilities in the transferee, require filing a certified copy with the Registrar within thirty days, and impose penalties for default; certain amalgamations and dissolution orders require Registrar or Official Liquidator reports.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Company reconstruction and amalgamation: orders may transfer undertakings and vest liabilities in the transferee, requiring certified filing.
Section 394 permits the Tribunal, when sanctioning a compromise or arrangement for reconstruction or amalgamation, to order transfer of the whole or part of a transferor company's undertaking, property or liabilities to a transferee company; to provide for allotment of interests by the transferee; continuation of proceedings; dissolution without winding up; provision for dissenting persons; and incidental matters. Orders vest transferred property and liabilities in the transferee, require filing a certified copy with the Registrar within thirty days, and impose penalties for default; certain amalgamations and dissolution orders require Registrar or Official Liquidator reports.
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