Allowed

Demag Cranes and Components (India) Private Limited v. G D India Private Limited

Karnataka HC4 Feb 2021CA/115/2018

Case brief

AI extract

What is this about?

The company court allowed an application filed to implead the applicant company in a pending petition by substituting it for the original petitioner. The application was granted based on a scheme of amalgamation and subsequent transfer agreements establishing the applicant as the successor in interest.

What did the court decide?

The company application to implead the applicant and substitute the petitioner was allowed; amendments to cause title and petition to be filed.

Demag Cranes and Components (India) Private Limited… — Company and Corporate | Karnataka HC (2021)

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

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DATED THIS THE 4^TH DAY OF FEBRUARY, 2021

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BEFORE

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THE HON'BLE MR. JUSTICE S. SUNIL DUTT YADAV

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COMPANY APPLICATION NO.115/2018 IN COMPANY PETITION NO.41/2015

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BETWEEN:

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Demag Cranes and Components (India) Private Limited (A Company Incorporated under the provisions of the Companies Act, 1956) Plot No.E-18, Phase-II, Expansion-II, SIPCOT Industrial Complex, Hosur-635 109 Through its authorized representative. … Applicant (By Sri.Nitya Kaligotla, Advocate)

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AND:

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G.D. India Private Limited (A Company Incorporated under the Provisions of the Companies Act, 1956) 162/1, G.D. House, Bandrenagar, BSK, 2^nd Stage, Bengaluru-560 070 Through its Managing Director.

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...Respondent

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(By Sri. C.V. Krishna, Advocate)

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This Company Application is filed under Order 1 Rule 10 read with Order 22 Rule 10 of the Code of Civil Procedure, 1908, read with Rule 6 of the Companies(Court) Rules, 1959, praying to allow the

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accompanying application and pass an order impleading the applicant company in the captioned company petition by way of substituting the petitioner presently on record, and to consequently grant leave to the Applicant to hereinafter continue the captioned petition as the petitioner, in the interest of justice and equity.

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This Company Application coming on for Arguments, this day, the Court made the following:

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O R D E R

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The application has been filed under Order 1 Rule 10 read with Order 22 Rule 10 of CPC seeking an order to permit the impleading applicant to come on record and substitute the petitioner on record as the applicant is the assignee/successor in interest of the petitioner.

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The application filed under Order 1 rule 10 read with Order 22 Rule 10 of CPC whereby the applicant seeks to come on record and substitute the present petitioner.

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It is submitted by the learned counsel

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Sri.Nitya Kaligotla appearing on behalf of the petitioner that as per the scheme of the amalgamation, the

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petitioner herein which was the transferor Company under that scheme, has been amalgamated by virtue of the scheme and the receivables of M/s.Demag Cranes & Components (India) Private Limited would also devolve to the transferee Company viz. M/s.Terex India Private Limited.

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Attention is drawn to the scheme of amalgamation sanctioned by the Hon’ble High Court of Judicature, Madras in COP NOs.374 and 375 of 2015. In terms of the said scheme of amalgamation, it is clear the receivables of the petitioner herein has been made over to M/s.Terex India Private Limited.

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It is further submitted that subsequent to the scheme of amalgamation, the Local Business Transfer Agreement has been entered into whereby M/s.Terex India Private Limited has further transferred its assets to

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the impleading applicant herein. Copy of the Local Business Transfer Agreement is enclosed at Annexure-B.

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Taking note of the averments in the application and the scheme of amalgamation at Annexure-A as well as petitioner’s transfer agreement of Annexure-B, noticing that the said application has not been objected to and in light of the discussion made above, the said application is allowed.

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Necessary amendment to be carried out to the cause title and the amended petition to be filed.

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Accordingly, CA No.115/2018 is allowed.

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Sd/JUDGE

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Demag Cranes and Components (India) Private Limited v. G D India Private Limited

Case brief

What is this about?

What did the court decide?

Demag Cranes and Components (India) Private Limited v. G D India Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

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