IN RE Vs. ETERNITY INFRABUILD PRIVATE LIMITED

JUDGEMENT

(1.) This is a petition in connection with the proposed Scheme of Amalgamation of Eternity Infrabuild Private Limited, being the Petitioner Company No.1, Sanchit Polymers Private Limited, being the Petitioner Company No.2 and Micro Polypet Private Limited, being the Petitioner Company No.3 with IVL Dhunseri Petrochem Industries Private Limited being the Petitioner Company No.4, the Transferee Company, whereby and where under the entire undertakings of Eternity Infrabuild Private Limited, Sanchit Polymers Private Limited and Micro Polypet Private Limited, the Transferor Companies together with all property, rights, powers and all debts, liabilities, duties and obligations relating thereto is proposed to be transferred to and vested in the Transferee Company on the terms and conditions fully stated in the Scheme of Amalgamation, attached with the Petition, marked "A".

(2.) In terms of an Order dated 18-05-2017 of this Tribunal in Company Application No.156 of 2017, separate meetings of the Secured Creditors and the Unsecured Creditors of Micro Polypet Private Limited and the Transferee Company were duly convened and held on 28,h June, 2017. The said meetings were presided over by the Chairperson appointed by this Tribunal.

(3.) The said meetings unanimously approved the Scheme of Amalgamation. All the Equity Shareholders ot the Petitioner Companies and the Secured Creditors and the Unsecured Creditors of the Petitioner Companies Nos. 1 and 2, having already agreed in writing to the proposed Scheme of Amalgamation, their meetings were dispensed with by the said Order dated 18-05-2017 of this Tribunal.