Disposed

Service First Aircon Private Limited Vs

Bombay HC22 Jun 2012CSD/447/2012

Case brief

AI extract

What is this about?

The court dispensed with the requirement to convene meetings of equity shareholders and unsecured creditors for a proposed scheme of amalgamation. Meetings were waived due to written consents. The court accepted an undertaking to notify remaining creditors via newspaper publication.

What did the court decide?

The convening of meetings for shareholders and unsecured creditors is dispensed with; applicant undertakes to notify remaining creditors via newspaper.

Service First Aircon Private Limited Vs — Insolvency and Bankruptcy | Bombay HC (2012)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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COMPANY SUMMONS FOR DIRECTION NO. 447 OF 2012

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In the matter of Sections 391 to 394 of the Companies Act, 1956;

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And

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In the matter of Service First Aircon Private Limited

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And

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In the matter of the Scheme of Amalgamation of

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Trane India Private Limited

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Into

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Service First Aircon Private Limited

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Service First Aircon Private Limited, a ) company incorporated under the Companies ) Act, 1956 and having its registered office at ) Unit – 31, 3^rd Floor, 2^nd Level, Kalpataru ) Square, Kondivitta Lane, Andheri Kurla Road ) Mumbai – 400093, Mumbai, Maharashtra, ) Applicant Company India

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Called Summons for direction

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CORAM: S. J. Kathawalla, J Dated : 22^nd June, 2012

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Mr. Ashish Kamat i/b M/s Crawford Bayley & Co, Advocate for Applicant Company

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MINUTES OF THE ORDER

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UPON the Application of the Applicant abovenamed by a Summons for Direction, AND UPON hearing Mr. Ashish Kamat i/b M/s Crawford Bayley & Co. for the Applicant and UPON reading the Affidavit dated this 19^th March, 2012 of Mr. Abel Mascarenhas, Director of the Applicant Company in support of the Summons for Direction, and the Exhibits therein referred to IT IS ORDERED -:

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That the convening and holding of the meeting of the Equity Shareholders of the Applicant Company, for the purpose of considering, and, if thought fit, approving, with or without modification (s), the proposed Scheme of Amalgamation of Trane India Private Limited into Service First Aircon Private Limited is dispensed with in view of the consents in writing given by the Equity Shareholders of the Applicant Company which are annexed as Exhibits “I-1” and “I-2” to the Affidavit in support of Summons for Direction.

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That there are no Secured Creditors of the Applicant Company as stated in paragraph 27 of the Affidavit in support of the Summons for Direction, hence the question of convening and holding the meeting of the Secured Creditors does not arise.

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That the convening and holding of the meeting of the Unsecured Creditors of the Applicant abovenamed, for the purpose of considering and approving, with or without modification, the proposed Scheme of Amalgamation of Trane India Private Limited into Service First Aircon Private Limited is dispensed with in view of the consents given by 41 out of 119 Unsecured Creditors which are annexed as Exhibits “K-1” to “K-41 ” to the Affidavit in support of these Summons for Direction and in view of the averments made in paragraph 29 of the said Affidavit. The Applicant hereby undertakes to issue individual notice of final hearing of the Petition by R.P.A.D to its remaining Unsecured Creditors who have not given their consents and to those Unsecured Creditors whose NoObjection certificates are under office objection and to all the customers from whom advances have been received as on 31^st December, 2011, a list of which is annexed as Exhibit” M” to the Affidavit in support of Company Summon for Direction and also to publish the notice of final hearing of the petition in two local newspapers, namely, “Maharashtra Times” in Marathi language in Marathi edition and in “The Free Press Journal” in English language in English edition, both having circulation in Mumbai. The said undertaking is accepted.

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(S.J. Kathawalla J)

Service First Aircon Private Limited Vs

Case brief

What is this about?

What did the court decide?

Service First Aircon Private Limited Vs

Case brief

What is this about?

What did the court decide?

What the court decided

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