The NCLT Delhi dispensed with meetings of secured and unsecured creditors after finding that the proposed demerger involved no compromise with creditors and did not adversely affect their rights. Only the resulting company’s equity shareholders were directed to convene a meeting.
The NCLT allowed the first motion application for a demerger scheme and dispensed with meetings of the Resulting Company’s equity shareholders and unsecured creditors because all had provided consent affidavits. It directed meetings only for the Demerged Company’s stakeholders and laid down the procedure for further approval.
The Tribunal found the amalgamation application maintainable and noted compliance with valuation, accounting standards, board approvals, and disclosure requirements. It allowed the first motion application while directing further statutory compliances before sanction of the Scheme.
The NCLT initiated bankruptcy proceedings after finding that the personal guarantor failed to submit a repayment plan during the insolvency resolution process. It held that the statutory requirements under the Insolvency and Bankruptcy Code had been substantially complied with.
The NCLT held that the mere existence of an arbitration clause in a Shareholders’ Agreement does not automatically require disputes to be referred to arbitration. The Tribunal refused reference where the dispute involved statutory remedies under the Companies Act.
The NCLT refused to dispense with the transferee company’s shareholders’ meeting, holding that shareholders should evaluate the implications of the recent acquisition and proposed amalgamation despite the subsidiary being wholly owned.
The NCLT approved the takeover of minority shareholding after finding that all procedural and statutory requirements under the Companies Act had been complied with. The Tribunal held that the Scheme was fair, reasonable, and legally compliant.
NCLT Mumbai allowed the first-motion application for transfer of the realty undertaking into a wholly owned subsidiary. The Tribunal directed a shareholders meeting where required and dispensed with several creditor meetings after statutory conditions were satisfied.
The NCLT refused further extension of the insolvency process after finding no resolution plan, no prospective applicant, and no realistic prospect of resolution. The Tribunal recalled the admission orders and terminated the CIRP.
The Tribunal found that the first payment due under the approved resolution plan remained entirely unpaid despite repeated opportunities. The inability or unwillingness to honour financial commitments under the plan led to liquidation of the Corporate Debtor.
