This Court agrees with the view of the Regional Director that the persons who gave advances to plots shall also be treated as creditors till plots are allotted. However, as pointed in the affidavit of the Managing Director of the transferee company, the publication of notice in newspapers constitutes sufficient notice to the said category of creditors also. In his report, the chairperson, who held the meeting of unsecured creditors of the transferor company, has stated that, in all, seven unsecured creditors have attended the meeting, out of whom two have attended in person and five have attended in proxy and their total balance was Rs.18,79,292/- and Rs.28,10,236/- respectively and that none of the unsecured creditors have voted against the resolution. Similarly, the chairperson, who held the meeting of unsecured creditors of the transferee company, has stated in his report that, in all, ten unsecured creditors have attended the meeting, out of whom two have attended in person and eight have attended in proxy and their total balance was Rs.19,58,665/- and Rs.93,14,830/- respectively and that none of them have voted against the resolution. In view of the reports of the chairpersons, the third objection raised by the Regional Director does not merit acceptance. Having regard to the affidavit filed by the Managing Director of the transferee company, the other two objections raised by the Regional Director stand complied with.
