TMI Blog2018 (8) TMI 1614X X X X Extracts X X X X X X X X Extracts X X X X ..... isages that on revival it will pay all the dues of the unsecured creditors. Hence, I do not see, how the projection, in case it has become out dated would in any manner effect the revival scheme. It is manifest from the reading of the above that presently there are no secured creditors. The unsecured creditors have unanimously in the meeting held agreed to abide by the scheme. The shareholders in the meeting have also unanimously agreed to abide by the revival scheme. In court two share holders having a share of 3% are objecting pleading essentially that Bharat Kala Kendra Ltd. be treated at par with all other unsecured creditors. There is no impediment to passing of the scheme as proposed. It clears all prescribed parameters. The onl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in CA 655/2018 JAYANT NATH, J.(ORAL) CA No. 442/2012 1. This application is filed under Sections 391 to 394 of the Companies Act, 1956 seeking sanction of the Scheme of Revival. 2. The winding up order was passed against the respondent Company on 18.05.1987. The Official Liquidator was appointed as Provisional Liquidator on 23.08.1984. Subsequently, it appears that there was an agreement/arrangement/understanding that was reached between Mr. Manish Arora, the Managing Director of UCC Care Pvt. Ltd. and the Ex. Management of the respondent Company, namely, Mr. R.N. Gupta and Ms. Veena Gupta to revive the respondent Company in 2005-06. UCC Builders Pvt. Ltd. (now known as UCC Care Pvt. Ltd.) bought the shares from the old ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cond phase. Details of the cost of the project, etc. are given. 6. By order dated 19.09.2011, this court was pleased to direct that a meeting of the unsecured creditors and shareholders of the respondent Company be convened. The reports regarding the meetings have been received. The Chairperson of the meeting of the unsecured creditors in his report dated 16.02.2012 has noted that total 24 unsecured creditors were present of whom 21 voted in favour of the Scheme. Three of the votes were held invalid. A value of ₹ 13,83,257/- have been voted in favour of the scheme. Similarly, a meeting was also held of the shareholders. The Chairperson of the said meeting has filed her report dated 18.02.2012 wherein she has noted that it was unani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. in terms of the orders dated 05.07.2011 and 02.11.2011, namely, that 5% interest should also be paid from the date of winding up order till payment of dues. 10. As far as the contention that the scheme has become stale with the passage of time is concerned, in my opinion, the argument appears to be misconceived. The matter has been pending in court. Under the scheme, the entire secured creditors dues already stand paid. The Scheme of the respondent Company envisages that on revival it will pay all the dues of the unsecured creditors. Hence, I do not see, how the projection, in case it has become out dated would in any manner effect the revival scheme. 11. Regarding the second contention of the objectors, learned senior counsel for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t par with all other unsecured creditors. 14. In this context, reference may be had to the judgment of the Supreme Court in Miheer H.Mafatlal vs. Mafatlal Industries Ltd., 1997 1 SCC 579 wherein the Supreme Court held as follows:- In view of the aforesaid settled legal position, therefore, the scope and ambit of the jurisdiction of the Company Court has clearly got earmarked. The following broad contours of such jurisdiction have emerged: 1. The sanctioning court has to see to it that all the requisite statutory procedure for supporting such a scheme has been complied with and that the requisite meetings as contemplated by Section 391(1)(a) have been held. 2. That the scheme put up for sanction of the Court is backed u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest adverse to that of the latter comprising the same class whom they purported to represent. 8. That the scheme as a whole is also found to be just, fair and reasonable from the point of view of prudent men of business taking a commercial decision beneficial to the class represented by them for whom the scheme is meant. 9. Once the aforesaid broad parameters about the requirements of a scheme for getting sanction of the Court are found to have been met, the Court will have no further jurisdiction to sit in appeal over the commercial wisdom of the majority of the class of persons who with their open eyes have given their approval to the scheme even if in the view of the Court there would be a better scheme for the company an ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
