IN RE Vs. HBL POWER SYSTEMS LIMITED

JUDGEMENT

(1.) The Company Petition bearing C.P. No. 353/2016 [CP(TCAA) No. 33/IIDB/2017] was filed by M/s. HRL Power Systems 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 seeking to sanction and confirm Scheme of Arrangement and Amalgamation in question (enclosed as Annexure A5 to the Petition) so as to be binding on all Members, Creditors and employees of the Petitioner/Transforce Company, etc.

(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 23A 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, the case is listed before this Bench on 01.02.2017, 20.02.2017, 28.02.2017, 16.03.2017, 31.03.2017, 17.04.2017, 26.04.2017, 08.05.2017 and finally on 09.05.2017.

(3.) Heard Mr. V.S. Raju and V.B. Raju, Learned Counsel for the Petitioner, Mr. B. Appa Rao, Learned Counsel for ROC & RD and Mr. A. Mahadev, Learned Counsel for the Shareholder i.e. Mr. Badri Vishal Bajaj (party in person) and perused all pleadings along with material papers filed in their support.