IN RE Vs. CHANDNI TEXTILES ENGINEERING INDUSTRIES LIMITED

JUDGEMENT

(1.) Heard learned counsel for parties. No objector has come before this Tribunal to oppose the Scheme and nor has any party controverted any averments made in the Petitions to the Scheme of Arrangement between Chandni Textiles Engineering Industries Limited (Demerged Company) and Chandni Machines Private Limited (Resulting Company) .

(2.) The sanction of this Tribunal is sought under Sections 230 to 232 read with Sections 52 and 66 of the Companies Act. 2013 to a Scheme of Arrangement ("Scheme") between Chandni Textiles Engineering Industries Limited (Demerged Company) and Chandni Machines Private Limited (Resulting Company) and their respective shareholders and creditors.

(3.) The Petitioner Companies have approved the said Scheme of Arrangement by passing the Board Resolutions which is annexed to the respective Company Scheme Petitions.