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2010 (7) TMI 776 - DELHI HIGH COURTRevival/restructuring of company - meetings of inter-corporate depositors ('ICDs') and staff creditors were held and the scheme was approved by the staff creditors unanimously and by ICDs by a majority of more than 3/4ths - three persons filed their objections, namely, S.K. Modi Group, Malanpur Steel Ltd. and Paradise Credit (P.) Ltd - objection of the Malanpur was that it is a decree-holder and is, thus, wrongly classified as ICD and it should have been classified as a decree-holder and the decretal amount should have been treated at the principal amount - contention of Malanpur that it was a secured creditor of the company and, therefore, it had right to get the entire decretal amount - Other objection of Malanpur, that as per the scheme even the payment of first instalment had been made upon conditional withdrawal of suits and other criminal complaints filed under section 138 of Negotiable Instruments Act, 1881 ('NI Act') and undertaking from respective creditors to support reorganisation in the capital structure of the company - Merely because certain shares were pledged with the Malanpur, would not make it a secured creditor - whether a decree-holder stands at the same footing as that of an unsecured creditor when the matter is before the company court for sanction of a scheme filed by a company - decree-holder in the light of the said section 390(c) of 1956 Act also stands on the same footing as that of an unsecured creditor and it has to be accepted that even after obtaining a decree against the appellant/petitioner by the decree-holder, the respondent herein, shall be deemed to be of the same class as that of other unsecured creditors under the said section - payment would be made to Malanpur Steels Ltd. as per the sanctioned Scheme and once the entire payment is made, Malanpur shall withdraw the proceedings under section 138 of the NI Act which were filed by it alleging non-payment of dues in the form of dishonour of the cheques, review petition bereft of any merit, dismissed
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