EROS HOSPITALITY PVT LTD. Vs. HOTEL EXCELSIOR LTD.

JUDGEMENT

(1.) THIS second motion under Section 391 -394 of the Companies Act, 1956 (Act for short) has been filed by Eros Hospitality Ptv. Ltd (hereinafter referred to as transferor company) and Hotel Excelsior Ltd. (hereinafter referred to as transferee company) for approval/sanction of the scheme of amalgamation which has been enclosed as Annexure A.

(2.) THE Petitioner has earlier filed Company Application (M) 66/10 which was disposed of vide order dated 30th April, 2010. By the said order in view of the no objection certificates, meetings of the shareholders and unsecured creditors of the transferor company and shareholders of the transferee company were dispensed with. The transferor company did not have any secured creditor. Meetings of secured creditors and unsecured creditors of the transferee company were directed to be held on 29th May, 2010. The court appointed Chairperson and Alternate Chairperson for the said meetings.

(3.) M /s Prem Lata Bansal, Advocate and Chairperson, had presided over the meeting of unsecured creditors. In her report, she has stated that out of 232 unsecured creditors, 65 unsecured creditors of the transferee company were present personally or by proxy. These 65 unsecured creditors represent 77.66% of the total unsecured debt due and payable by the transferee company in value terms. 65 unsecured creditors have also voted in favour of the scheme of amalgamation.