IN RE Vs. SELWEL WORLDWIDE TRADE PRIVATE LIMITED

JUDGEMENT

(1.) This application has been filed in connection with the petition filed in CP No.474/KB/2017 jointly by the petitioner nos.l and 2, i.e., Selwel Worldwide Trade Private Limited (hereinafter referred to as the Transferor Company) and Vishal Victory Metalengg Private Limited (hereinafter referred to as the Transferee Company) for obtaining sanction of this Tribunal regarding Scheme of Arrangement of the petitioner no.1 with the petitioner no.2.

(2.) The object of the petition filed in CP. 474 of 2017 is to obtain sanction of this Tribunal to a compromise or arrangement whereby and whereunder all properties, investments, rights and powers and all debts, liabilities, duties and obligations comprised in and/or pertaining to and/or belonging to the Petitioner Company No.1 including all its respective assets and properties moveable and immoveable assets shall without any further act or deed stand transferred and/or vested to the Petitioner Company No.2 herein, namely, Vishal Victory Metalengg Private Limited and form part of Vishal Victory Metalengg Private Limited, a copy whereof has been annexed and marked with the letter "A" to the petition.

(3.) The authorized share capital of the petitioner company no.1 is Rs.5,00,000/- divided into 50,000 equity shares of Rs.10/- each and the issued, subscribed and paid up share capital is Rs. 1,00,0007/-divided into 10,000 equity shares of Rs.10/- each all fully paid up having its registered office at 2G, Neelambar Building, 28B, Shakespeare Sarani, Kolkata- 700 017.