IN RE Vs. NICOMAC MICRO SOLUTIONS PRIVATE LIMITED

JUDGEMENT

(1.) The Company Petition bearing C.P. No. 379/2016 [CP(TCAA) No. 42/HDB/2017] is filed by M/s. Niocomac Micro Solutions Private Limited (Petitioner/Transferee Company) before the Hon'ble High Court of Judicature at Hyderabad for the State of Telangana and the State of Andhra Pradesh under Sections 391 & 394 of the Companies Act 1956, by inter-alia seeking to sanction scheme of Amalgamation in question so as to be binding on all the Equity Shareholders/Members, Creditors and employees of the Petitioner/Transferee Company.

(2.) A Gazette Notification GSR 1134(E) : MANU /DCAF/0154/2016 dated 14th December, 2016 is issued by the Ministry of Corporate Affairs with effective date of 15th December, 2016, and in terms of Rule 15 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 & Rule 23 A of NCLT Rules R/w Rule 3 of Companies (Transfer of Pending Proceedings) Rules, 2016, jurisdiction is conferred on this Tribunal in respect of subject cases and thus pending cases also transferred from the Hon'ble High Court to the NCLT. Accordingly, the Hon'ble High Court transferred this case to this Bench. On transfer, case was listed before this Bench on 01.02.2017, 22.02.2017, 10.03.2017, 29.03.2017, 06.04.2017, 19.04.2017, 24.04.2017 and finally on 09.05.2017.

(3.) Heard, Mr. V.S. Raju and V.B. Raju, Learned Counsels for the Petitioner/Transferor Company and Mr. B. Appa Rao, Central Government Standing Counsel and have carefully perused all pleadings along with material papers filed in its support.