https://www.taxtmi.com/caselaws?id=339547 The Court tentatively sanctioned the scheme of arrangement between two companies, subject to approval by the Corporate Debt Restructuring Empowered Group (CDR EG). Despite objections raised by significant creditors, the Court found that the statutory approval requirements were met. However, the objections warranted further evaluation by the CDR EG, particularly concerning the transfer of business and impact on creditors. The Court directed submission of the scheme and CDR EG's decision to the Registrar of Companies for necessary action. Any modifications suggested by the CDR EG would require resubmission to the Court for final approval. The Company Petitions and related applications were disposed of accordingly. en-us Fri, 03 Feb 2017 00:00:00 +0530 Wed, 01 Mar 2017 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339547 The Court tentatively sanctioned the scheme of arrangement between two companies, subject to approval by the Corporate Debt Restructuring Empowered Group (CDR EG). Despite objections raised by significant creditors, the Court found that the statutory approval requirements were met. However, the objections warranted further evaluation by the CDR EG, particularly concerning the transfer of business and impact on creditors. The Court directed submission of the scheme and CDR EG's decision to the Registrar of Companies for necessary action. Any modifications suggested by the CDR EG would require resubmission to the Court for final approval. The Company Petitions and related applications were disposed of accordingly. Case-Laws Companies Law Fri, 03 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339547