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2016 (3) TMI 1265 - HC - Companies LawScheme of Arrangement - Held that:- The proposed Scheme does not envisage any arrangement or compromise with the creditors of the Applicant Transferee Company. The Applicant Company shall continue its business operations. The Applicant Company undertakes to fulfill all its liabilities towards the Creditors in the normal course of its business. Moreover, a certificate by the Chartered Accountant, confirming that the Net Worth of the Applicant Company as on 31st December 2015, has been placed on record. A perusal of the same indicates that prior to giving effect to the proposed Scheme, the Net Worth of the Applicant Company was ₹ 222.9 crores; Whereas in the Post-Scheme scenario, it shall be approximate ₹ 154.9 crores. The Net Worth being substantially high, and considering the above noted facts and circumstances, and the submissions advanced it is held that the meeting of the Unsecured Creditors, for considering and approving the proposed Scheme, is not necessary and the same is dispensed with.
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