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2008 (5) TMI 432 - HIGH COURT OF GUJARATScheme of arrangement - Held that:- In the light of the controversy between the parties the court is of the view that the objections raised by the Kotak Mahindra Bank Ltd., can not be taken into account as the Kotak Mahindra Bank Ltd., is an assignee of the debt. Since the issue regarding assignment of debt is pending before the Division Bench, whether the assignee can be considered to be a secured creditor is a question to be decided by the Division Bench. If the value of the votes stated to have been held by the Kotak Mahindra Bank Ltd., is ignored, it cannot be said that the scheme has not been approved by the requisite majority of secured creditors. Since the scheme has been approved by the secured creditors, unsecured creditors and workers and it is beneficial to the interest of the members and it is not contrary to public interest and the scheme is hereby sanctioned.
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