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2013 (7) TMI 189 - DELHI HIGH COURTScheme of Demerger - application for recalling - Transferor company's application in the DoT for permission to transfer the NLD/ILD licences held by it to the Transferee company declined - Held that:- Entire Scheme was made conditional upon the approvals being granted by the DoT for the transfer of the NLD and ILD licences from the Transferor company to the Transferee company. If that was not possible for reason of change in the eligibility criteria brought about after the sanction of the Scheme by the Court, then obviously the Scheme cannot be given effect to. The request by the Applicants that they should be permitted to revert to the position in which that were prior to the sanctioning of the Scheme cannot, therefore, be refused. As decided in Topworth Steels & Powers Pvt. Ltd. [2013 (7) TMI 48 - BOMBAY HIGH COURT] if the Scheme approved by the Company Court, has for valid reasons, not been able to be given effect to, then the Company Court can again be approached under Section 392 (1) read with Section 392 (2) for passing appropriate orders to recall the order sanctioning Scheme. The plea of the RD that the right of the Applicant companies to file applications in the Court for approval of a Scheme of amalgamation or arrangement be restricted for a period of two years, cannot be countenanced for the simple reason that a statutory right of the parties to seek judicial remedies cannot be sought to be curtailed. The order passed by this Court on 28th March 2011 is recalled and the Company Petition No. 276 of 2010 is dismissed as withdrawn. - The present application is allowed with costs of Rs. 20,000 which will be paid to the Central Government by the Applicant companies within three weeks.
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