https://www.taxtmi.com/caselaws?id=458211 A modified amalgamation scheme was sanctioned under the Companies Act, 2013 after the Tribunal found no surviving legal impediment, accepted the commercial rationale, and held the scheme fair, reasonable, and not contrary to law or public policy. The transferor companies were directed to dissolve without winding up, with ancillary compliance directions recorded. An unsecured creditor's admitted debt, reflected in the books, was treated as acknowledgment for limitation purposes, so the time-bar objection was rejected. The transferee company was directed to pay the admitted claim and consider release of the security deducted from the underlying bill, together with other protective directions for creditors and statutory compliance. en-us Wed, 28 Feb 2024 00:00:00 +0530 Tue, 15 Oct 2024 20:00:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458211 A modified amalgamation scheme was sanctioned under the Companies Act, 2013 after the Tribunal found no surviving legal impediment, accepted the commercial rationale, and held the scheme fair, reasonable, and not contrary to law or public policy. The transferor companies were directed to dissolve without winding up, with ancillary compliance directions recorded. An unsecured creditor's admitted debt, reflected in the books, was treated as acknowledgment for limitation purposes, so the time-bar objection was rejected. The transferee company was directed to pay the admitted claim and consider release of the security deducted from the underlying bill, together with other protective directions for creditors and statutory compliance. Case-Laws Companies Law Wed, 28 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458211