2013 (10) TMI 1198

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....einafter collectively referred to as Applicant companies ]. A copy of the proposed Scheme is enclosed with the application. 2. The registered offices of the Applicant companies are situated within the National Capital Territory of Delhi and are within the jurisdiction of this Court. 3. The details of the dates of incorporation of the Applicant companies, their authorized, issued, subscribed and paid up capital have been enclosed with the application. 4. The copies of the Memorandum and Articles of Association as well as the latest audited annual accounts for the year ended 31st March 2012 of the Applicant companies have also been enclosed with the application. 5. Learned counsel for the Applicant companies submits that no procee....

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....nd the Transferee company has 16 secured creditors to the tune of Rs.745,50,38,924/- (Rupees Seven Hundred Forty Five Crore Fifty Lakh Thirty Eight Thousand Nine Hundred Twenty Four only) and 1351 unsecured creditors to the tune of Rs.182,36,09,505/- (Rupees One Hundred Eighty Two Crore Thirty Six Lakh Nine Thousand Five Hundred Five only). 11. Learned counsel for the applicants submits that the net worth of the Applicant companies is positive as per the certificate dated 28th May 2013 issued by Sunita Maheshwari & Co, Chartered Accountants and the net worth of the Transferor company will get added to the net worth of the Transferee company pursuant to the merger and therefore, the rights and interests of the secured and unsecured credit....