VBC FERRO ALLOYS LIMITED Vs. BANK OF INDIA

JUDGEMENT

(1.) The Company Petitions bearing No. C.P.Nos.22 & 23 of 2016 are filed by M/s.VBC Ferro Alloys Limited & M/s. VBC Power Company Limited, U/s 391 and 394 of Companies Act, 1956 before the High Court of Judicature at Hyderabad for the State of Andhra Pradesh and Telangana by inter alia seeking to sanction the Scheme of Arrangement between M/s. VBC Ferro Alloys Limited (Transferor Company) and M/s. VBC Power Company Limited (Transferee Company) and their Respective Shareholders with effect from 01.04.2014 as approved by the Shareholders and Secured Creditors of both the Companies etc.

(2.) The cases are initially instituted before the Hon'ble High Court, and the same were transferred to this Bench. Accordingly, the cases were listed before this Bench for hearing on various dates viz 31.01.2017, 15.02.2017, 08.03.2017, 20.03.2017, 03.04.2017, 25.04.2017, 05.06.2017, 19.06.2017, 12.07.2017, 31.07.2017 and 10.08.2017.And the counsels appearing for the parties have taken adjournments on one ground or the other.

(3.) Brief facts, as mentioned in the Company petitions , which are relevant to the issue in question, are as follows: If