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2019 (12) TMI 1434 - NATIONAL COMPANY LAW TRIBUNAL, AMARAVATHIApproval of scheme of amalgamation of the Transferor Companies with the Transferee Company - Sections 230 to 232 of the Companies Act, 2013 read with the Companies (Compromises, Arrangements and Amalgamation) Rules, 2016 - HELD THAT:- It is found that all 99.99% of the Equity Shareholders of the Applicant Companies have given respective consent affidavits agreeing to the Scheme. Hence the meeting of the Equity Shareholders of all the Applicant Companies can be dispensed with, in terms of Section 230 (9) of the Act. It is found that there are no Secured Creditors in all the Applicant Companies and hence no need to convene the meeting of the Secured Creditors of all the Applicant Companies. It is also found that all the Unsecured Creditors of the Transferor CompanyIl and Transferor Company-Ill have given respective consent affidavit agreeing to the Scheme. Hence the meeting of the Unsecured Creditors of the Transferor Company-Il and Transferor Company-Ill are dispensed with, in terms of Section 230(9) of the Act. The Transferee Company has no unsecured creditors. Thus no meeting is contemplated. The Transferor Company No. I has seventy seven (77) Unsecured Creditors as on 30.06.2019 as per the report of the Auditor having total debt of ₹ 57,77,818/-. Thirty Five (35) Unsecured creditors have given their consent to the Scheme by way of affidavits. Later, a memo dated 18.11.2019 was filed showing discharge of 40 unsecured creditors having a debt to the tune of ₹ 13,61,963/-. As per order dated 20.12.2019, the Petitioner furnished the Report of the Auditor certifying discharge of Forty (40) Unsecured Creditors. Two creditors having a credit value of₹ 10,290/- have not given their consent. Thus the percentage of creditors who have consented to the scheme comes to 99.76% which is above the threshold of 90% provided mnder section 230(9) of the Companies Act, 2013. Application allowed.
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