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2022 (4) TMI 258 - AT - Insolvency and BankruptcyApproval of the Scheme of Amalgamation - main contention is that five Schemes were filed at the same time before different coordinate Benches of Hon’ble NCLT New Delhi and due approval of Scheme I vide order dated 12.12.2019 into the Transferee Company/the Seventh Respondent herein existing and pending during the pendency of Scheme III in CAA-131(ND)/2019 no longer existed after the due approval of Scheme I of the Transferor Company into the Seventh Respondent - Section 230-232 of the Companies Act, 2013 - HELD THAT:- Keeping in view that the Appellant has given their unconditional approval for Scheme 1 and 3; that all the stakeholders have approved and given consent; that the rights of the stakeholders are not affected and the provisions under Section 230 of the Act is met, this Tribunal is of the considered view that the ratio of the Hon’ble Supreme Court in MIHEER H. MAFATLAL VERSUS MAFATLAL INDUSTRIES LTD. [1996 (9) TMI 488 - SUPREME COURT] is applicable to this case and hence, there is no illegality or infirmity in the order of the Learned NCLT - It was held in the case of MIHEER H. MAFATLAL that if the stakeholders have approved the valuation after applying their commercial wisdom, the same need not be interfered with and has laid down the scope and ambit of the jurisdiction of the Company Court. Appeal dismissed.
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