HINDUSTAN CIBA Vs. ABC

JUDGEMENT

(1.) Shri Khambata, on behalf of the Petitioner Company tendered a draft amendment to be carried out in the Scheme. Amendment allowed in terms of the draft amendment taken on record. Amendment to be carried out within two weeks from today. Draft Amendment marked X for identification. 1A. The petitioners herein have filed this petition seeking a direction that the compromise or arrangement be sanctioned by this Court so as to be binding with effect from 1-4-1996 on all the members and on all the creditors of the Petitioners and all the members and the creditors of SC Co.

(2.) The petitioners have also prayed for an order under section 394 of the Companies Act, 1956, ('the Act') for transferring to 2nd vesting finally in SC Co. as a going concern, without further act or dead with effect from 1-4-1996, the entire Speciality, Chemicals, business of the petitioners including its assets which includes lease right, permits, quota rights, k industrial and other licences, trademarks, intellectual property rights, other intangibles and all the privileges and benefits of all contracts, agreements and arrangements and all other rights, licences, powers and facilities of every kind, nature and description whatsoever pertaining to the Undertaking and more particularly defined in clause (g) of the Scheme, as stated in and in the manner specified in the Scheme of Arrangement.

(3.) The petitioners have also prayed for an order under section 394 of the Act for transferring to and vesting in SC Co. without any further act or deed with effect from the Appointed Date, all the debts, liabilities, duties and obligations of the petitioner, pertaining to the Undertaking and identified in Schedule B of the Scheme, so as to become the debts, liabilities, duties and obligations of the SC Co.