2015 (8) TMI 137

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....reference shareholders and the secured creditors of the transferor company and for convening of separate meetings of their unsecured creditors and the secured creditors of the transferee company to consider and approve, with or without modification, the proposed Scheme of Arrangement between Indiabulls Finance Company Private Limited (hereinafter referred to as the transferor company) and Indiabulls Commercial Credit Limited (hereinafter referred to as the transferee company).   2. The registered offices of the transferor and transferee companies are situated at New Delhi, within the jurisdiction of this Court.   3. The transferor company was originally incorporated under the Companies Act, 1956 on 18th March, 2005 with the ....

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....ee companies have been filed on record. The audited balance sheets, as on 31st March, 2015, along with the reports of the auditors, of the transferor and transferee companies have also been filed. 8. A copy of the Scheme of Arrangement has been placed on record and the salient features of the Scheme have been incorporated and detailed in the application and the accompanying affidavit. It is submitted by the applicants that the Scheme will help to avoid overlap in the landing activities of both the companies, duplication of resources, systems, skills and process, reduce overall cost, improve synergies, enable the achievement of economies of scale, reduce administrative costs entitled by the conduct of the businesses through separate entit....

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....In view thereof, the requirement of convening the meetings of the equity shareholders and secured creditors of the transferor company to consider and, if thought fit, approve, with or without modification, the proposed Scheme of Arrangement is dispensed with.   13. The transferee company has 07 equity shareholders and 01 preference shareholder. All the equity shareholders and the only preference shareholder have given their consents/no objections in writing to the proposed Scheme of Arrangement. Their consents/no objections have been placed on record. They have been examined and found in order. In view thereof, the requirement of convening the meetings of the equity shareholders and preference shareholder of the transferee company t....

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....creditors of the transferee company shall be 2 in number and more than 25% in value of the total secured debt. 16. The transferee company has 04 unsecured creditors and a direction is sought to convene and hold their meeting to seek their approval to the proposed Scheme of Arrangement. Considering the facts and circumstances aforesaid, the meeting of the unsecured creditors of the transferee company shall be held 28th August, 2015 at 11:30 a.m. at Claridges Hotel, New Delhi. Mr. Ashok Gurnani, Advocate, (Mobile No. 9810109039) is appointed as the Chairperson and Mr. Inderjeet Singh, Advocate, (Mobile No. 9818285641) is appointed as the Alternate Chairperson to conduct the said meeting. The Quorum of the meeting of the unsecured creditors....