TMI Blog2007 (2) TMI 332X X X X Extracts X X X X X X X X Extracts X X X X ..... -company scheduled to be held on January 29, 2007. 2. It is required to be noted that by order dated December 26, 2006, passed in Company Application No. 663 of 2006 on an application made by the respondent-company, the Court passed an order of convening the meetings of the shareholders and the creditors of the respondent-company to consider and if thought fit, approve with or without modification the proposed scheme of arrangement and/or compromise. 3. Relying upon the judgment of the Hon ble Supreme Court in the case of NGEF Ltd. v. Chandra Developers (P.) Ltd. [2005] 127 Comp. Cas. 822 ; [2005] 8 SCC 219 Shri Pahwa, learned advocate appearing on behalf of the applicant has submitted that in view of the fact that the responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the respondent-company and if thought fit, approve with or without modification the proposed schemed of arrangement and/or compromise. No further order has been passed by this court. The meeting of the shareholders and the creditors are only with a view to know the wishes of the shareholders and the creditors and nothing further than that. To consider the wishes of the shareholders and the creditors and to call the meetings for that purpose, it cannot be said that this court is at present considering the proposed scheme of arrangement and/or compromise. Only after the proposed scheme is considered and approved by the shareholders and the creditors, the scheme is to be submitted before this court for its sanction. As held by the hon ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... convene the meetings of the shareholders and the creditors of the respondent-company to consider and if thought fit, approve with or without modification the proposed scheme of arrangement and/or compromise, by which it cannot be said that this court has at present entertained the company petition to consider the scheme of arrangement/compromise. It will also be open for the applicant to raise the objections with regard to the entertainability of the company petition even at the stage of admission of the company petition that may be filed and it will also be open for the respondent to submit that all these questions are not required to be considered at the time of admission. All these questions are kept open. It is also observed that even t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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