Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2013 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (11) TMI 31 - DELHI HIGH COURTMeeting of secured creditors - Whether interest of the workers would be prejudiced if the scheme of arrangement is sanctioned - Held that:- Attention not drawn to any Rule in the Companies (Court) Rules mandating the Company Court to direct, at the first motion stage, that the workmen ought to be heard in relation to their objections to the maintainability of the application. The reason is simple. Dues payable to workmen are treated on par with dues payable to secured creditors and in this sense the workmen are treated on par with secured creditors. If the workmen have any objection to the scheme or compromise, they can voice the same i the meeting of the secured creditors to be held under the directions of the Company Court. They also have a right to voice their objections at the second motion stage and this right was not seriously contested by the learned counsel for the applicant. Thus, in the absence of any statutory provision and having regard to the fact that the workmen, as part of the secured creditors, can voice their objections in the secured creditors' meeting and also at the second motion stage, objection raised for the workmen maintainability of the application are rejected - Decided against petitioner.
|