the adjudicating authority to adjudicate the claims under Sections 391-394 of the Companies Act, 1956, in paragraph 18 of the Petition it is stated that the aggregate assets of the Petitioner Company and the Transferee Company are more than sufficient to meet all their respective external liabilities and the Scheme will not adversely affect the rights and interest of any of the creditors of any company in any manner whatsoever and also that pursuant to the amalgamation of the Petitioner Company with the Transferee Company, the Transferee Company’s debt repayment capacity will not be adversely affected as the , the amalgamated entity will have an excess of assets over liabilities and hence will not adversely affect the rights and interest of any of the secured creditors and unsecured creditors, of the amalgamated entity. Further Clause 6 (a) of the Scheme states that upon coming into effect of the Scheme and with effect from Appointed Date all debts and liabilities comprised in the Undertaking of the Petitioner Company shall pursuant to sanction of the Scheme be and stand transferred to and vested in the Transferee Company. The Counsel appearing for the Petitioner further states that in any event the Scheme does not affect the rights of unsecured creditors of the Petitioner/ Transferor Company. It will be open to the unsecured creditors of the Petitioner/ Transferor Company including the above mentioned unsecured creditor, to pursue legal remedy as may be advised for recovery of their dues. Even otherwise, there is nothing on record to show that the creditors will be affected if the scheme is sanctioned. [ Sanvijay Alloys Pvt. Ltd. - 2004 Company Cases Vol. 122 page 754 ]
