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2018 (12) TMI 673 - HC - Companies LawConvening of the meetings to consider the proposed scheme of ‘compromise and arrangement’ - whether there was any justification to not convene the meeting of the allottees of Blocks B, C & D of the Spire Edge Project for the purpose of considering the proposed scheme of ‘compromise and arrangement’? - Held that:- Considering that the Appellants have listed out what their grievances against the Respondent No.1 company are and they have in fact filed Company Petition 704/2014, they cannot be considered to be persons who stand outside the winding up proceedings, particularly since their grievances have still not been satisfactorily addressed by the Company. They do have monetary claims against the company. If a scheme of ‘compromise and arrangement’ is finalised without taking into account their claims against the Respondent No.1 company, their rights would definitely be prejudiced. Therefore, it is incorrect on the part of the Respondent No.1 company to contend that the proposed scheme of ‘compromise and arrangement’ does not alter or affect the rights of the allottees of Blocks B,C and D who are the Appellants here. The Court is of the view that the complete and correct facts concerning the allottees of Blocks B, C & D were perhaps not placed before the learned Company Judge. The Court modifies the impugned order dated 16th October 2018 of the learned Single Judge (as further modified by order dated 14th November, 2018) to the extent of holding a meeting shall be held also of the allottees of Blocks B, C & D of the Spire Edge Project.
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