https://www.taxtmi.com/caselaws?id=366009 A scheme of amalgamation under the Companies Act, 2013 was rejected because the first motion application did not contain a formal prayer for amendment, despite approvals from unsecured creditors and consents from substantial secured creditors. The appellate tribunal held that this was a technical defect and that the lower tribunal should have allowed the pleading to be cured rather than dismiss the matter outright. It also observed that payment of some secured creditors by an ongoing concern did not, by itself, show a material change in the scheme warranting threshold rejection. The matter was remanded with liberty to amend the pleadings and seek appropriate alternative reliefs, after which it was to be heard afresh. en-us Mon, 19 Mar 2018 00:00:00 +0530 Tue, 28 Aug 2018 10:32:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366009 A scheme of amalgamation under the Companies Act, 2013 was rejected because the first motion application did not contain a formal prayer for amendment, despite approvals from unsecured creditors and consents from substantial secured creditors. The appellate tribunal held that this was a technical defect and that the lower tribunal should have allowed the pleading to be cured rather than dismiss the matter outright. It also observed that payment of some secured creditors by an ongoing concern did not, by itself, show a material change in the scheme warranting threshold rejection. The matter was remanded with liberty to amend the pleadings and seek appropriate alternative reliefs, after which it was to be heard afresh. Case-Laws Companies Law Mon, 19 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366009