Court No. - 30 Case :- COMPANY APPLICATION No. - 11 of 2008 Petitioner :- Shamken Spinners Limited Respondent :- Asset Reconstruction India Ltd. & Others Petitioner Counsel :- Anurag Khanna Respondent Counsel :- S.K. Tyagi,Ashok Srivastava Hon'ble Abhinava Upadhya,J.
Heard Sri Anurag Khanna, learned counsel for the applicant-
Company and Sri Sambhoo Chopra, learned Counsel appearing in
one of the connected Company Petition No.10 of 2008 on behalf
of the U.T.I.
This petition was filed under Section 391 of the Companies Act,
1956, for convening a meeting of the secured creditors for the
scheme of arrangement in respect of repayment of loan amount to
the secured creditors. This Court vide its order dated 14.05.2008
directed for holding of a meeting for the said purpose in
accordance with the procedure prescribed. The meeting was held
on 06.09.2008 at the registered Office of the Company at Mathura.
But before the Chairman of the meeting could furnish its report to
the Court an Application No.207667 of 2008 was filed on behalf
of the ING Vysya Bank Ltd., praying that the order of convening
the meeting dated 14.05.2008 be recalled.
Dealing with the said application this court vide its order dated
09.07.2008 held that the ING Vysya Bank Ltd., may participate in
the meeting and may also vote according to their instructions
without prejudice to their right and contention in the present
application. Pursuant to this order it appears that the ING Vysya
Bank Ltd. participated in the meeting. Pursuant to the order dated
05.09.2008, it was also directed that the report of the Chairman
shall be kept in sealed cover until further orders of this Court.
It is further contended by Sri Anurag Khanna, learned counsel
appearing for the applicant-Company that subsequently the said
application of the ING Vysya Bank Ltd., has been rejected by the
order of this Court on 18.01.2010 and, therefore, there is no
impediment in hading over the report of the Chairman for the
aforesaid meeting, as the said meeting was convened at the behest
of the applicant themselves.
That being the case and also in view of the fact that the application
of the ING Vysya Bank Ltd. has been rejected by this Court and
against which no Appeal has been filed till date, I see no reason
why the report of the Chairman of the meeting be not handed over
to the applicant, within a week for further steps.
The Registrar General of this High Court is, therefore, directed to
hand over the report of the Chairman secured in sealed cover to the
applicants within 10 days.
Order Date :- 3.2.2010
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