TaxTMI 
TaxTMI 
2019 (8) TMI 390
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....na and Ms. Aishwarya, Advocates JUDGMENT The present appeal filed against part of the order of the National Company Law Tribunal, Jaipur Bench, Rajasthan (hereinafter referred to as 'Tribunal') dated 7th June, 2019 passed in CA No. 01/230-232/JPR/2019 whereby the Tribunal directed the Applicant Companies viz., Transferor and Transferee Companies to convene meeting of the equity shareholders of the Transferor and Transferee Companies as specified in paragraph- 11 of the impugned order dated 7th June, 2019 as under: 11. Directions for Meetings to be held are issued as under:- Meeting of the equity shareholder of Transferor and Transferee companies shall be held as specified below: (a) Meeting of the equity sha....
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....net worth and value creation of the Transferee Company. 3. Learned Counsel for the Appellants submitted that the application came up for hearing on 03.01.2019 before the Tribunal and the Tribunal directed the Appellants to file Memorandum of Association ('MOA'), Articles of Association ('AOA') and Consent Letters of shareholders of the Transferor and Transferee Companies. In compliance thereof the Appellants filed the said documents vide diary no. 145/2019 on 24.01.2019. The Appellants also filed Consent Letters of the Creditors on 28.02.2019 vide diary no. 354/2019. 4. While matter stood thus, the grievance of the Appellants is that the Tribunal did not consider the Consent Letters of the shareholders filed vide diary no. 145/2019. H....
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....With respect to Secured Creditors Since it is represented by the Transferor Companies that there is only one Secured Creditor in the Transferor No. 10 Company whose consent affidavit have been obtained and is placed on record. It is also represented that Transferor No. 1-9 companies has no secured Creditor. Therefore, the necessity of convening and holding a meeting to consider and if thought fit, the approval of the scheme is dispensed with. (iii) With respect to Unsecured Creditors: Since it is represented by the Transferor Companies that there are no unsecured Creditor in the Transferor No. 1-9 Companies, therefore, their meetings are not required to be called for and in relation to Transferor No. 10 Company th....
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....he Transferee Company that there are 147 Unsecured Creditors in the Company but it is seen that consent affidavit of 60 unsecured creditors (having 91.24% in value terms) are filed by the company and are placed on record. Therefore, the necessity of convening and holding a meeting to consider and if thought fit, the approval of the scheme is dispensed with. 6. The Appellants submit that the individual Consent Letters given by the shareholders (Transferor and Transferee Companies) have already been filed vide diary No. 145/2019, however, the Tribunal failed to consider the documents (Consent Letters of the shareholders). 7. Be that as it may, the present appeal has been filed by the Appellants on 03.07.2019 along with separate Paper Bo....