ESSAR OIL LIMITED Vs. STATE

JUDGEMENT

(1.) Company Application No. 217 of 2005 is filed by Essar Oil Limited seeking direction of this Court for convening of the meeting of the Scheme Lenders of the applicant Company for the purpose of considering and if thought fit, approving with or without modification, the arrangement embodied in the Scheme of Compromise and arrangement between the applicant Company and its Scheme Lenders. The applicant has also prayed for the method of convening, holding and conducting the said meetings and as to the notice and advertisement be issued in this behalf. Lastly, the applicant has prayed for the appointment of the Chairman of the meeting.

(2.) Company Application No. 224 of 2005 is filed by Peerless General Finance and Investment Company Limited seeking declaration from this Court to declare the Scheme of Arrangement and Compromise (Annexure 'II') submitted by the Company is null and void. Alternatively, the direction was sought for by the applicant to direct the Company to convene separate meeting of the Debenture holders holding more than 2000 debentures in the interest of justice.

(3.) Company Application No. 217 of 2005 was filed on 23.06.2005 and it was placed for hearing on 24.06.2005. However, a request was made on behalf of the applicant in Company Application No. 224 of 2005 to adjourn the said matter. Accordingly, it was adjourned to 27.06.2005. On that day, Peerless General Finance and Investment Company Limited has moved Company Application No. 224 of 2005 and has sought the permission of this Court to circulate the said matter and hear the same along with Company Application No. 217 of 2005. Accordingly, both these applications are heard together with the consent of the parties and on mutual understanding between the parties, the hearing of both these applications is treated as the final hearing of the applications.