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TMI Blog2022 (12) TMI 981X X X X Extracts X X X X X X X X Extracts X X X X ..... ndent-Small Industries Development Bank of India (SIDBI). 2. This Appeal has been filed against the Order dated 09.11.2022 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench, Court-II) in I.A. No. 2308/ND/2022 filed by the Liquidator of the Corporate Debtor who is the Appellant herein. In the Application 2308/ND/2022, following prayers were made: "a) Allow the present application and to pass appropriate orders dispensing with holding of any meetings of the creditors and meeting of the shareholders for the approval of scheme in view of affidavit executed by Small Industrial Development Bank of India in terms of Section 230 (9) of Companies Act, 2013; b) Allow the scheme for Arrangement and Compromise p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted that in paragraph 7 of the Affidavit there is a clear averment to that effect. It is submitted that in view of the sole Financial Creditor having approved the scheme, there was no occasion for issuing any notice under Section 230(5) of the Companies Act and Adjudicating Authority had ample jurisdiction to dispense the notice under Section 230(9) of the Companies Act. 5. Learned Counsel for the Bank (SIDBI) submits that Bank has already approved the scheme and there was no requirement of issuing notice for Second Motion. 6. We have considered the submissions of Learned Counsel for the parties and have perused the record. 7. The scheme was propounded by the Suspended Management which was considered by the Adjudicating Authority and it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omise or arrangement and shall require that representations, if any, to be made by them shall be made within a period of thirty days from the date of receipt of such notice, failing which, it shall be presumed that they have no representations to make on the proposals. ... 230(9) The Tribunal may dispense with calling of a meeting of creditor or class of creditors where such creditors or class of creditors, having at least ninety per cent value, agree and confirm, by way of affidavit, to the scheme of compromise or arrangement. 9. The sole Financial Creditor having approved the scheme, the condition as provided in Section 230(9) were clearly met and the Tribunal can very well dispense with the calling of a meeting of creditor or cla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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