Scheme of amalgamation allowed as net worth of transferor and transferee company is highly positive

Lasa Supergenerics Limited Vs Harishree Aromatics & Chemicals Private Limited (NCLAT Delhi)

NCLAT Delhi held that application for sanctioning a scheme of Amalgamation is allowed as Net Worth Of Transferor & Transferee Company is highly positive and accordingly it shall be presumed that the secured creditors has no objection to the amalgamation.

Facts-

The present Appeal has been filed by the Appellant being aggrieved and dissatisfied by the order dated 17.02.2021 passed by the National Company Law Tribunal (Mumbai Bench-IV) in CA (CAA)/1157/MB-IV/2020 whereby and whereunder the Tribunal directed the Transferee Company i.e. Lasa Supergenerics Limited to obtain consent from the sole Secured Creditor before the final date of hearing.

Conclusion-

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