IN RE Vs. DLF HOME DEVELOPERS LIMITED

JUDGEMENT

(1.) This is an application which is filed by the applicant companies, namely DLF Home Developers Limited/ Applicant No. 1/Demerged Company and DLF Info City Chennai Limited/ Applicant No. 2/ 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, 2013 read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 in relation to the Scheme of Arrangement/Demerger (for brevity the "Scheme") proposed amongstthem. The said 'Scheme' has been placed on record(Annexure "A7") to the application. The applicants above named have preferred the instant joint application for the following purpose as is evident from the perusal of the relief clause of the Application, namely:

(2.) Affidavits in support of the joint application sworn by Mr. Gopal Ramdev, being authorized signatory of the applicant no. 1, and by Mr. Ajay Gauri, being authorized signatory of the applicant no. 2have also 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 there with. 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 the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.

(3.) In relation to DLF Home Developers Limitedbeing Applicant No. 1/DemergedCompany in the Scheme, it is represented that it has nineequity shareholders and one preference shareholder from whom consent affidavits have been obtainedwhich are placed on record. It is further represented that Applicant No. 1/ Demerged Company has eight secured creditors and ten thousand six hundred and fifty oneonly unsecured creditors.In relation to the equity shareholders and Preference shareholders, Applicant No. 1 seeks dispensation from convening and holding of meeting for the purpose of obtaining their approval to the proposed Scheme of Arrangement; and further seeks directions to hold and convene the meetings of Secured and Unsecured Creditors of Applicant No. 1.