Creditors of the Applicant Company for the purpose of considering and, if thought fit, approving, with or without modification(s), the Scheme of Amalgamation and Arrangement between Welspun Enterprises Ltd (“WEL” or “First Transferor Company”), Welspun Infratech Limited (“WITL” or “Second Transferor Company”), Welspun Plastics Private Limited (“WPPL” or “Third Transferor Company”), Welspun Infra Projects Private Limited (“WIPPL” or “Fourth Transferor Company”) and Welspun Projects Limited (“WPL” or “Transferee Company”) and their respective shareholders and creditors, be dispensed with in view of the averments made in paragraph 33 of the affidavit in support of the Summons for Direction, inter alia stating that the interest of the Unsecured Creditors of the Applicant Company will not be affected by the proposed Scheme of Amalgamation and Arrangement as the Scheme does not involve any compromise or arrangement with Creditors and as far as the rights of the Unsecured Creditors of the Applicant Company are concerned, they will not be adversely affected by the proposed Scheme of Amalgamation and Arrangement and they will be paid off in the ordinary course of business and that the Applicant Company undertakes to issue individual notice of the hearing of the Petition by R.P.A.D to all its Unsecured Creditors and that the Applicant Company also undertakes to publish the notice of hearing of petition in two local newspapers viz. ‘Free Press Journal’ in English Language and ‘Navshakti’ in Marathi Language, both having circulation in Mumbai. The said undertaking is accepted.
