2026 (1) TMI 339

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....r dated 08.05.2025 whereby an objection application filed by the appellant herein against Scheme of Amalgamation between M/s SGSL and M/s SEL was dismissed by the Ld. NCLT, Ahmedabad Bench, on the ground the applicant's application is not only non-maintainable due to lack of locus standi but also appears to be a calculated attempt to obstruct a scheme that has received overwhelming creditor's approval. The appellant was neither a shareholder nor a recognized creditor of the Respondent company. The Ld. NCLT further observed the issue raised by the appellant viz suppression of material facts; related party creditors; financial motives, are all an attempt to circumvent the statutory threshold and disrupt the Scheme's implementation. The Ld. NC....

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....ansferor Company along with all the undertakings and the entire business of the Transferor Company as a going concern as on the Appointed Date, including all its assets, properties (whether movable or immovable, tangible or intangible), investments, rights, approvals, licenses and powers, leasehold rights and all its debts, outstanding, liabilities, duties, obligations, and employees including, but not in any way limited to, the following: xxxx n. all suits, actions, legal or other proceedings including quasi- judicial, arbitral of whatsoever nature involving or continued or to be enforced by or against the Transferor Company, which are capable of being continued by or against the Transferor Company under the Applicable La....

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....ee Company, shall not abate, be discontinued or in any way prejudicially be affected by reason of this amalgamation of the Transferor Company or because of the provisions contained in this Scheme. The proceedings shall continue by or against the Transferee Company in the same manner and to the same extent as they would have been continued, prosecuted and/or enforced by or against the Transferor Company, if this Scheme had not been implemented; b. in case of any litigation, suits, recovery proceedings which are to be initiated by or may be initiated against the Transferor Company, the Transferee Company shall be made party thereto and shall prosecute or defend such proceedings; c. the Transferee Company undertakes to have a....