Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2019 (11) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 1668 - NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCHApproval of Scheme of amalgamation - seeking directions regarding various meetings - HELD THAT:- The remedy of Section 230 (2) (c) and Section 230 (2) (c) (iv), therefore, clearly show that a scheme of corporate debt restructuring is different from a scheme of corporate debt restructuring in which the corporate debt restructuring guidelines specified by the Reserve Bank of India are proposed to be adopted. Therefore, the contention of the learned counsel for the applicant-companies that a scheme of corporate debt restructuring is only one in which the restructuring is as per the guidelines specified by Reserve Bank of India, cannot be accepted. The schemes for restructuring are in no way merged with the Code. The provisions of Section 230 (2) (c) of the Companies Act, 2013 are, consequently, applicable in the present case. There is no averment that the conditions are satisfied in the present case. Application dismissed.
|