IN RE Vs. DYNASTY PLASTICS PVT LTD

JUDGEMENT

(1.) By way of this petition under Sections 230 to 232 of the Companies Act, 2013, sanction of the Tribunal is sought to a Scheme of Amalgamation of Mantri Plast Private Limited. (Transferor Company) with Dynasty Plastics Private Limited (Transferee Company) and their respective Shareholders and Creditors ("Scheme" for short) .

(2.) The Petitioner Company has approved the said Scheme of Amalgamation by passing a Resolution of the Board of Directors, which is annexed to the Petition.

(3.) The Petitioner company had initiated proceedings before this Tribunal in the form of ah application, being C.A. (CAA) No. 92 of 2017. By the said application, the Petitioner company sought dispensation of meetings of Secured Creditors and Unsecured Creditors of the Petitioner company. It was submitted that the sole Secured creditor and 46 Un-Secured Creditors of Petitioner Company had submitted written consent letters on affidavit approving the proposed Scheme of the Petitioner Company. Hence, this Tribunal vide order dated 22nd August, 2017, passed in CA CAA No. 92 of 2017, dispensed with meetings of Secured Creditors and Unsecured Creditors of the Petitioner Company.