considering, and if thought fit, approving, with or without modification(s),the proposed Scheme of Arrangement between Alok Knit Exports Private Limited and Bhagya Laxmi Fashion Private Limited and their respective Shareholders, is dispensed with in view of the averments made in paragraphs 13 and 20 of the Affidavit in Support of Summons for Directions , inter alia, stating that the proposed Scheme of Arrangement will not affect Creditors of the Applicant Company in as much as the Resulting Company will in terms of the Scheme of Arrangement, take over all the debts, liabilities, duties and obligations as well as be vested with all the assets and properties of the Real Estate Division of the Applicant Company. After Arrangement, the total assets of the Resulting Company would be more than sufficient to discharge the liabilities of the Real Estate Division of the Applicant Company as well as that of the Resulting Company and the Applicant Company undertakes to issue individual notice of the date of hearing of the Petition by Registered Post A.D. upon all its Unsecured Creditors and also to publish notice of hearing of the Petition in local newspapers, viz “The Free Press Journal ” in English Language and translation thereof in “Navshakti” in Marathi
