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2017 (11) TMI 1711 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHIScheme of amalgamation - Invalid proxy form - present application has been filed with the prayer for amendment of order and then accepting the prayer for dispensing with the requirement of convening, holding and conducting the meeting of the Secured Creditors for the Transferee Company No. 3 - Held that:- Scheme of Amalgamation, which was presented at the stage of First Motion has not met the approval of the Creditors as per the report of the Chairperson and scrutinizer. The meetings of Creditors were convened on the request made by the applicant in its application of first motion. There is no request in the application for amendment of pleading in the first motion application. The Applicant appears to have further changed the Scheme as payment to certain Secured Creditors has now been made. It would, thus, require presentation of a new Scheme and the present Scheme has not been approved by the Secured Creditors and it would not qualify for an eventual approval of the Tribunal. Therefore, we dismiss the application with the liberty to the Applicant to modify the Scheme and re-start the process by filing a fresh Company petition.
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