NCLT may dispenses calling of a meeting of Creditors or class of Creditors

Sabari Rubber Private Limited Vs Parampuzha Treads Private Limited (NCLT Kochi) Under Section 230(9) of the Companies Act, 2013, the Tribunal may dispense with calling of a meeting of Creditors or class of Creditors where such Creditors or class of Creditors, having at least 90% value, agree and confirm, by way of affidavit, to the scheme of compromise or arrangement. It is found that the Applicant Companies have received consent affidavits from all the Equity shareholders and No Objection Certificates (NOC) from the Unsecured Creditors regarding their unequivocal, unconditional consent to the...