IN RE Vs. DLF SOUTH POINT LIMITED

JUDGEMENT

(1.) This is an application filed by three sister companies, namely DLF South Point Limited/ Applicant /Transferor Company No. 1, DLF Commercial Developers Limited/Applicant /Transferee Company No. 2/ Demerged Company and DLF Info City Hyderabad Limited/ Applicant No. 3/Resulting Company. These companies have invoked the provisions of sections 230 to 232 of the Companies Act, 2013 and other applicable provisions of the Companies Act, 20 Dread with Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 in relation to the Scheme of Arrangement (for brevity the "Scheme") proposed amongst them. The said Scheme has been placed on record(Annexure "A10") . The applicants have preferred the instant joint application for the following purpose as is evident from a perusal of the relief clause of in the Application, namely:

(2.) Affidavits in support of the joint application sworn by Mr. A. P. Pandey for and on behalf of Applicant Nos. 1 & 3, being their authorized signatory and Mr. Naveen Kedia for and on behalf of Applicant No. 2, being its authorized signatory have been filed in support of the application. Counsels for the joint applicants took us through the averments made in the application as well as the documents annexed therewith. Learned Counsel represents that the Scheme does not contemplate any corporate debt restructuring exercise as contemplated under section 230(2) of the Act. It is further represented that a joint application filed by the applicants is maintainable in view of Rule 3 (2) of 6 the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.

(3.) In relation to DLF South Point Limited being Transferor Company No. 1 It is represented that has Seven equity shareholders from whom consent affidavits approving the Scheme have been obtained which are placed on record. It is further submitted that it has no secured creditors, however it has Seventy-Nine unsecured creditors. Therefore, it seeks dispensation from convening and holding of meeting of equity shareholders and secured creditors for the purpose of obtaining their approval to the Scheme; and further seeks directions to hold and convene the meeting of Unsecured Creditors of Applicant No. 1.