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The High Court held that rejection of the application u/s 233 of...
Court says rejection of scheme of amalgamation application under Companies Act not justified. Govt must apply to Tribunal if scheme not in public interest.
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The High Court held that rejection of the application u/s 233 of the Companies Act, 2013, for processing a scheme of amalgamation was not justified. The Court emphasized that if the Government deems a scheme not in public interest or creditors' interest, it must apply to the Tribunal for adjudication. In this case, as the declaration of solvency was filed and the scheme was approved, respondent should have followed the prescribed procedure by making an application to the Tribunal if any condition was not satisfied. The Court found the rejection order to be legally flawed and quashed it, disposing of the petition.
The High Court held that rejection of the application u/s 233 of the Companies Act, 2013, for processing a scheme of amalgamation was not justified. The Court emphasized that if the Government deems a scheme not in public interest or creditors' interest, it must apply to the Tribunal for adjudication. In this case, as the declaration of solvency was filed and the scheme was approved, respondent should have followed the prescribed procedure by making an application to the Tribunal if any condition was not satisfied. The Court found the rejection order to be legally flawed and quashed it, disposing of the petition.
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