TaxTMI 
TaxTMI 
2022 (3) TMI 822
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....l of the Scheme of Amalgamation (hereinafter referred to as 'Scheme' for brevity), as contemplated between the Companies, its Shareholders and Creditors. The copy of the Scheme has been placed on record. The details of the Companies proposed to be amalgamated, as placed on record, are given in the following paragraphs. 2. MKG Industries Private Limited, (hereinafter referred to as "Petitioner-01/Transferor Company-1") was incorporated on the 20.12.1988 under the provisions of the erstwhile Companies Act, 1956 as a private company having its registered office at A-4, 4th Floor, Swasthya Vihar, Vikas Marg, Opp. Metro Pillar No. 77 Delhi East, New Delhi-110092 with CIN number U74899DL1988PTC034293. 3. Supreme Polypropylene Privat....
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....ntral Government, Registrar of Companies NCT of Delhi & Haryana, Regional Director (Northern Region) MCA, Income Tax Authorities, Official Liquidator, Reserve Bank of India and to such other Objector(s), if any, and also for publication of the said Scheme. The said petition was admitted and directions were issued, vide Order dated 08.07.2021 of this Tribunal, requiring the Applicant Companies to serve notices to the Central Government, Registrar of Companies NCT of Delhi & Haryana, Regional Director (Northern Region) MCA, Income Tax Authorities, Official Liquidator, and also to carry out necessary publication in English and Hindi newspapers with respect to the said Scheme. 8. It is submitted by the Petitioners that in compliance of the a....
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....roval of scheme. However, in order to protect the interest of tax revenue, it is to be made clear that there shall be no impediment on the power and jurisdiction of the Income Tax Department in recovery of pending Income Tax dues, penalties etc., if any, as provided in the law. 12. In view of the foregoing facts and discussion and upon considering the approval accorded by the Members and Creditors of all Companies to the proposed Scheme and no sustainable objections having been raised by the Office of the Regional Director, Income Tax Department or any other interested party, there does not appear to be any impediment in granting sanction to the Scheme. 13. Accordingly, in sequel to the above facts and circumstances, sanction is hereb....
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....nd Transferee company, that: (i) Upon the sanction becoming effective from the appointed date of amalgamation i.e., 1st April, 2020, the Transferor Companies No. 1 shall stand dissolved without undergoing the process of winding up. (ii) All benefits, entitlements, incentives and concessions under incentive schemes and policies that the Transferor Company is entitled to including under Customs, Excise, Service Tax, VAT, Sales Tax, GST and Entry Tax and Income Tax laws, subsidy-receivables from Government, grant from any governmental authorities, direct tax benefit/exemptions/deductions, shall, to the extent statutorily available and along with associated obligations, stand transferred to and be available to the Transferee C....