IN RE Vs. INTEGRAL BIOSCIENCES PVT LTD

JUDGEMENT

(1.) This Company Petition filed by the Petitioners is coming before us for fixing a date of hearing of the main Company Petition as well as for a direction in relation to publication in press to be effected and notices to be issued to the authorities concerned in relation to date of hearing of the Petition and calling for the objections, if any, to the Scheme of Arrangement (hereinafter for brevity referred to as "SCHEME") contemplated between the Petitioner Company and its shareholders. From the records, it is seen that the First Motion seeking directions dispensing the meeting of Equity Shareholders, Secured Creditors and Unsecured Creditors were filed before this Tribunal vide CA (CAA) No. 116/(ND) /2017 and based on such application moved under Sections 230 of the Companies Act, 2013, directions were issued by the Tribunal, where in the meetings of the Equity Shareholders and Secured Creditors were dispensed with. However, meeting of Unsecured Creditors of the Petitioner/Applicant Company was directed to be convened on 21st November, 2017 vide order dated 05.10.2017. In compliance with the directions issued by the Tribunal on 05.10.2017, the Petitioner/Applicant Company represent meetings/ on 21st November, 2017 was held as contemplated by the said order and to which effect the Chairperson appointed by this Tribunal has also filed a report as detailed hereunder:-

(2.) Subsequent to the order, now this petition on second motion filed on 06.12.2017 is coming up before us for fixing a date of hearing as well as for other consequential directions in terms of provisions of Sections 230 to 231 of Companies Act, 2013 read with attendant Rules of the Companies (Compromise, Arrangements and Amalgamation) Rules, 2016 brought into effect and on and from 15.12.2016 and it is now hereby ordered as follows:-