NCLAT clarifies NCLT’s Power to Dispense with Meetings of Shareholders & Creditors

DLF Phase–IV Commercial Developers Limited & Others (National Company Law Appellate Tribunal) Indisputably, the proposed scheme of amalgamation between the Holding Company and its Subsidiaries is regulated by provisions of Chapter XV of the Act, Section 230 whereof provides for passing of an order by the Tribunal directing convening of a meeting of the creditors or class of creditors, members or class of members, as the case may be. Sub-section 9 thereof vests discretion in the Tribunal to dispense with calling of a meeting of such creditors or classes thereof where such creditors or cla...