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2009 (2) TMI 472 - HIGH COURT OF GUJARATScheme of arrangement - Held that:- The scheme is not just, fair or proper and the court cannot grant its sanction to such a scheme. It is not bona fide moved by the petitioners. The court further forms an opinion that by proposing the schemes one after another, the petitioners are creating legal hindrances in the way of the official liquidator to proceed with the disposal of the assets of the company in liquidation. As a matter of fact, in the past, auctions were held, offers were invited and accepted, part consideration was received by the official liquidator and it is only by virtue of the scheme proposed, the entire transaction was given a go-bye. The company went into liquidation in 2003 and even in 2009, the assets could not be sold. They have been getting deteriorated day by day. The court, therefore, outrightly refuses to grant its sanction and the resultant effect thereof is that all the three petitions are dismissed. Since the petitions are dismissed and since a statement was made before the court during the course of arguments and even in the petition that earlier application moved for convening the meeting is of no consequence in view of the present scheme, the official liquidator can proceed with the disposal of the assets of the company in liquidation.
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