JAI BHARAT GUM AND CHEMICALS LIMITED Vs. STATE

JUDGEMENT

(1.) THE Petitioner Companies namely Jai Bharat Gum and Chemicals Limited (hereinafter referred to as the Demerged Company) and Chimique (India) Limited, i.e., the Resulting Company have filed this petition under Sections 391 to 394 of the Companies Act, 1956 for sanctioning a scheme of arrangement by virtue of which it is proposed to demerge the Gujarat Unit of the Demerged Company into the Resulting Company.

(2.) VIDE order dated 20.12.2013, passed in Company Petition No. 187 of 2013, the holding of meetings of the shareholders and unsecured creditors of the Demerged Company and Resulting Company were directed to be dispensed with in view of the consents received to the Scheme of Arrangement. It had also been directed in paras 6 and 7 of the order that that the Demerged Company is permitted to place on record the consent given by the Competent Authority of the sole secured creditor i.e., State Bank of India, SME, Hissar. The Demerged Company had vide Company Application No.102 of 2014 in the present petition placed on record the consent of the competent authority of the State Bank of India (Secured Creditor), which was allowed vide order dated 10th March, 2014. The resulting Company has no secured creditor.

(3.) THE first motion petition was allowed and the petitioner Companies were granted liberty to file a second motion petition in accordance with law.