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2018 (8) TMI 1030 - AT - Companies LawScheme of Arrangement - De-merger of the company - Objection of scheme sanctioned by the NCLT - Protection of the interest of the appellant - It is claimed by the Appellant that it was entitled to notice as Judgement Creditor and as the notice was not issued to the Appellant, the Scheme suffered for suppressing material fact and thus the NCLT could not have passed the orders as it has been done. NCLT then dealt with the approval accorded by the members and the creditors of the companies to the proposed Scheme and affidavits of Regional Director where no objections had been raised and held that there was no reservation to grant sanction to the Scheme. NCLT thus sanctioned the Scheme under Section 230 to 232 of the new Companies Act of 2013 and has given further directions and passed orders as have been reproduced earlier. Held that:- According to us even if the Appellant continues to raise disputes regarding the question whether or not TDS was rightly deducted or to find fault with the commercial property given by Respondents and the buyers Agreement, we are not entering into those aspects as it appears that the Appellant has again claimed issues as mentioned in Para 8 supra, to be pending before the Hon’ble Arbitral Tribunal. They are not issues for us to settle. Here we find substance in the submissions of the learned counsel for Respondents that even if the claims as calculated by the Appellant are kept in view, and even if the Appellant was allowed to participate in the meeting of creditors, the value of his dues, considering the financial statements of the companies, was not such so as to tilt the outcome of the meetings of secured or unsecured creditors of the Companies. There is substance in the argument for the learned counsel for Respondents that in spite of public notice if the Appellant did not attend the meetings or raise the objections, subsequently, he could not be heard. The Appellant cannot have grievance as the project with which Appellant is concerned continues to remain with EMAAR even if some other projects have been merged with MGF. - For such reasons, we do not find any substance in this appeal. The same is rejected. - Decided against the appellant.
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