IN RE Vs. AVIS TIE-UP PRIVATE LIMITED

JUDGEMENT

(1.) This is a petition filed jointly by the petitioners, namely (1) AVIS TIE UP PRIVATE LIMITED, the Petitioner No.l abovenamed ("ATPL") ("The Transferor Company") , and (2) ROHAK MERCHANTS PRIVATE LIMITED, the Petitioner No.2 above named ("RMPL") ("The Transferee Company") for sanctioning the scheme of amalgamation, a copy of which has been annexed with the petition and marked as Annexure "A".

(2.) The object of this petition is to obtain sanction of this Tribunal to a Scheme of Amalgamation to be made between the Transferee Company, ROHAK MERCHANTS PRIVATE LIMITED and the Transferor Company, AVIS TIE UP PRIVATE LIMITED and their respective shareholders whereby and whereunder the entire undertaking of the Transferor Company as a going concern together with all its assets and liabilities will stand transferred to and vested in the Transferee Company with effect from 1st April, 2016 in terms of the Scheme of Amalgamation, duly approved by the Shareholders and unsecured Creditors of the Transferor Company and the Transferee Company.

(3.) The Board of Directors of the Petitioner Companies vide separate meetings held on 20-02-2017 have unanimously passed resolutions and approved the Scheme of Amalgamation.