IN RE Vs. SAFAL CONSTRUCTIONS PRIVATE LIMITED

JUDGEMENT

(1.) Heard learned Advocate Ms. Dharmishta Raval for Raval 8b Raval Advocates of Applicant Company. Perused the application and the supporting affidavit of Mr.Rajeshkumar Brahambhatt, Director of the Applicant Company, dated 20th December, 2017 and the documents annexed thereto.

(2.) This is an application filed by Safal Constructions Pvt. Limited under Section 230-232 of the Companies Act, 2013. Safal Constructions Private Limited i.e. the applicant company had earlier filed CA (CAA) No.36/NCLT/HM/2017 seeking dispensation of the meeting of the equity shareholders and Preference Shareholders and seeking directions for convening the meetings of the secured creditors and unsecured creditors in respect of a scheme of arrangement between the applicant company i.e. the Transferor company and the BSafal Infraheights Pvt. Ltd. (the "Transferee Companyw) and their respective shareholders and creditors ("Scheme" for short) in the nature of the merger of the transferor company with the transferee-company under Sections 230 to 232 of the Companies Act, 2013 and other applicable provisions of the Act.

(3.) This Tribunal by an order dated 09.05.2017, dispensed with the meeting of equity shareholders and preference shareholders of the Transferor company and directed the Transferor Company to convene the meeting of the secured creditors and the unsecured creditors. In the said order, this Tribunal noted the submission of the Transferor Company that it had four secured creditors and as the consent affidavits were not filed, the transferor company was directed to convene a meeting of the secured creditors with reference to the list of the persons appearing on the record of the applicant company as on 14.03.2017.