This company application dispenses with the convening of a meeting for unsecured creditors. The court issued notices based on the applicant's undertaking regarding remaining creditors and accepted the application.
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY APPLICATION NO.889 OF 2008
In the matter of Sections 391 to
394 of the Companies Act, 1956;
And
In the matter of JBF Industries
Ltd.
JBF Industries Ltd, a Company
incorporated under the Companies
Act, 1956 and having its registered
office at Survey No.273, Village
Athola, Silvassa, Dadra & Nagar Haveli. ..Applicant
Company
Mr.Rishabh Shah i/by M/s.Crawford Bayley & Co for the
applicant.
CORAM: S.C.DHARMADHIKARIJ.
DATE : 13th June, 2008
P.C.
1. In the light of the averments in the Company
Application and the annexures thereto, it is apparent
that 81 unsecured creditors have given their consent to
the Scheme. The applicant has undertaken before me to
submit No Objection Certificates of the balance
unsecured creditors at the time of filing of the
petition. Further, there is an undertaking given to
this Court to issue individual notices of date of
hearing to the remaining unsecured creditors. Notice
will be given by RPAD. Notice will be published in the
:2:
daily newspapers having wide circulation. One such
daily newspaper should be in the English language and
other in the regional language. Both should have
circulation in the State. This undertaking is also
accepted.
2. Considering the fact that company is convening
the meeting of the equity share-holders and the secured
creditors, convening of the meeting of unsecured
creditors is dispensed with. More so in the light of
the above undertaking.
(S.C.Dharmadhikari, J)
1 issue framed by the court
Whether a meeting of unsecured creditors can be dispensed with if they have given consent and an undertaking regarding notices is accepted.
1 provisions across 1 enactments
JBF Industries Ltd
S.C. Dharadhikari
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court