{"id":93495,"date":"2010-02-10T00:00:00","date_gmt":"2010-02-09T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/lifestyle-international-prvate-vs-nil-on-10-february-2010"},"modified":"2016-03-04T03:34:13","modified_gmt":"2016-03-03T22:04:13","slug":"lifestyle-international-prvate-vs-nil-on-10-february-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/lifestyle-international-prvate-vs-nil-on-10-february-2010","title":{"rendered":"Lifestyle International Prvate &#8230; vs Nil on 10 February, 2010"},"content":{"rendered":"<div class=\"docsource_main\">Karnataka High Court<\/div>\n<div class=\"doc_title\">Lifestyle International Prvate &#8230; vs Nil on 10 February, 2010<\/div>\n<div class=\"doc_author\">Author: Ram Mohan Reddy<\/div>\n<pre>IN THE HIGH COURT OF KARNATAKA AT BANGALORE\nDATED TIIIS THE 10\"?\" DAY OF FEBRUARY. 2010\n\nBEFORE\n\n\"HE HONBLE MRJUSTICE RAM Ix\/IOHAN  N\n\nCOMPANY APPLICATION No.50 OE_2D._IO    I\n\nBETWEEN:\n\nLIFESTYLE INTERNATIONAL PRIVA--'I\"DE..LEMI'f--I?IIJv\" \"   I\n\n3RD. 7W 5: 8'?\" FLOOR, DELTA \"'\u00a3fQWEf'?V .\n\nSIGMA SOET TECH PARK, NO}? \"\n\nWHITEFIELD MAIN RAOD   '   \nBANGALORE 560066'     APPLICANT\n\n(BY M\/S.I\\\/IURALVI 81 COV,'.V_AD\\xSI.j:  D' \n\nNIL  4- I   RESPONDENT\n\nfrVH\u00a3SO\"CO'MRANS:*_ A:I3PLICA'\u00a3'ION IS FILED UNDER\nSECTION 391 394 OF THE COMPANIES ACT, 1956,\n\n\"VI\"'vR\/V'J\"RL'~.LE3S 6 &amp;\"\"'9 OF THE COMPANIES (COURT)\n\nRUI.ES_, i\u00ab9549\",~-._PRAYING THIS HONIESLE COURT FOR AN\n\n \"IF)_ES.PT\u00a33NSE WITH THE MEETING OF THE\n\nEQUITY' S:%LAREHOI,DERS, SECURED CREDETORS AND\nUNSIECIJPEUD CREDITORS OF THE APPLICANT\nCOMPALNY 'UNDER SECTION 391 OF THE COMPANIES\n\n \"I956 IF CONSIDERED FIT. OR OTHERWISE,\n  IT BE CONVENED AND HELD FOR THE\n _ 'RURROSE OE CONSIDERING, AND IF THOUGHT FIT,\n  A:?PROVING WITH OR WITHOUT MODIFICATION THE\nj  ..SCHEME OF ARRANGEMENT BETWEEN IMO BRANDS\n INDIA; PRIVATE LIMITED AND LIFESTYLE\n\nINTERNATIONAL PRIVATE LIMITED AND TIIEIR\nRESPECTIVE SHAREHOIJJERS AND CREDITORS AND\n\n\n\nTHIS APPL-1CA'I'ION COMING ON FOR OROEERS\n\nTHIS DAY. THE COURT MADE 'THE? FOLLOVVING_.;'r_ \n\nORDER\n<\/pre>\n<p>The appliC2&#8217;11&#8217;11.. at (:0mpa1&#8217;1y 1_1iu;&#8217;&gt;r.:).1fp()1&#8242;;iI&#8217;ed&#8221; V<\/p>\n<p>Compzmies Am. 1956 (for s}1c)r1::&#8217;1\u00ab\u00a2&#8217;t.Ili_&#8217;_\u00e9&#8221; _&#8221;i1.;iy<\/p>\n<p>r@g;ist.ered office in the S1.ateO(_2if&#8221;i{g11&#8243;11z1&#8217;t&#8217;211:21&#8242; 211-id &#8220;bu?<br \/>\nin the cause mle for shori: &#8216;thes&#8211;&#8216;!Ti&#8217;a1is~~il\u00a7+ree C(:&gt;r33p.\u00a3\u00a3r1};&#8217; has<br \/>\nits main ()bjC*.C1iS as set O&#8217;1..it:.&#8217;m&#8217;P;\u00a7;&#8217;r;\u00a71g1*&#8217;\u00e91s1jj}1VVNo.5.<\/p>\n<p>2. Det.e1i1sfoi7.._A1.:;f11()1*isre(i, &#8220;Iss:_ue&#8217;d1\u00abf31.1Ibscribed and<br \/>\nPaid up S1}&#8217;c3iI;Vfi%&#8221;vL:\u00a3&#8217;cV1:{:Ii&#8221;i&#8221;\u00a7_iV&#8217;1 is.._s.g&gt;i;&#8221;~~()V1.1&#8217;%1_In p_arag1&#8217;ap1&#8217;1 I\\I(.).4I.~ of the<br \/>\naffidavii d_a3.ed&#8217;v.&#8217;29_*&#8221;.J2-u;1i&#8217;::-airy 213010 of Sri S. Jagddisha<br \/>\nRani&#8217;). {h E&#8217; &#8216;Ctirrl pa-&#8216;1::1V 1&#8217;c.:1\u00e9fm&lt;j,=&quot;&#039; of 1 11 ca&#039; a.pp1i(&quot;:e.-11&#039;11 .<\/p>\n<p>3. &#8216;I&#8217;h(&#8216;~.bala1&#8217;1(.ft;%&#8217;:s}&#8221;:C:4:i n&#8217;1a(ic up to 31*&#8221; Mar(&#8216;.}&#8217;1 2009<\/p>\n<p>at .r{1&#8217;1eXL1re ~&#8211;TJ..,d1..1iy 21L1ditec.i. discloses its assets and<\/p>\n<p>1iab_\u00bbioiitit\u00a7s?.\u00ab 1:: It30a1&#8217;d of I.)i1&#8217;eCts.(&gt;rs of the ztpplicani in the<\/p>\n<p>.1:\u00e9S()iO1&#8217;:si.iv(.$1&lt;1_! &quot;&lt;.i2:_t\ufb01\u00a7=:i 30&quot;: E\\\/Iarc1&#039;1. 2009. approved and<\/p>\n<p>a1d&lt;1pifc:ci t}&#039;1\u00e9\u00a7__ .:3}cs:}&#039;;&lt;;:1&quot;11c&#039; of a;1:&#039;I&#039;21I&#039;:g(tn1c:I1E&#039;, An11cx1.11&#039;e &#8211; &quot;H&#039;<\/p>\n<p>-V \\vh(\u00e9f&#8217;+:.11f1gle&#8221;1f the busirzess &#8220;B1&#8217;a11d t.11&#8217;1ciert:akiI1g&#8221; of M\/<\/p>\n<p>:jLI\\\/I&#8217;G._n Bi#.11&#8217;1ds India Private Limited, 1&#8217;l&#8217;1c*;r clemerged<\/p>\n<p> C&#8217;:)ii1p\u00e9:11&#8217;13,&#8217; is p1&#8217;op()se(&#8216;i to be 11&#8217;1e:&#8217;gc(&#8216;E with me &#8216;I&#8217;1&#8217;eu&#8217;1sfe1&#8217;ee<\/p>\n<p>  C(i\u00a7m})a11\u00a7\/O  is<\/p>\n<p>&#8216;~\u00e9&#8211;\u00ab&#8217;<\/p>\n<p>&#8216;.3 V\n<\/p>\n<p>4. it is s1a.t&#8217;ed E11211&#8243;: 95.44&#8243;\/&lt;5 in value of the equity<\/p>\n<p>sha.reh()iders of ihe&#039; appiiva-11&#039;1l&#039;.. I12-we (&#039;:&#039;XI.t.&#039;1&#039;1d(.&#039;d tlleir<\/p>\n<p>written C.0nscl t&#8221;13zIi&#8221;vt-lieb\u00e9\u00a7Cctarc:j&#8217; <\/p>\n<p>oredit&#8217;,rs:: too. five in m.i11i&#8217;0cr. &#8216;}_1:;i\\{&#8216;e* ..&lt;;;xiL&#039;:1&#039;1(icCi &#039;Si:m_..ii&#039;2;:f*<\/p>\n<p>such w1&#039;it.t:e1&#039;1 C()l&#039;1S\u20ac:&#039;l1I&#039;, w1&#039;1&#039;:!c&#039;*&#8211;~1:1it.=1*ci&#039;- 2111: iii) A e.11i1s{&#8211;;Vg::.;1red -. L<\/p>\n<p>creditors.\n<\/p>\n<p>Having regarci I10&#8243; &#8216;ixhei. fI1_&#8217;c1&#8217;i&#8217;;&#8211;fE?1.&#8217;i\u20ac?;1&#8217;@311\u00bb.I&#8217;\u00a7\u20ac_(?()I&#8221;Ci i:hez&#8217;e is a<br \/>\nneed 1.0 allow th\u00e9i 7:_3.pI)Ei'{:V&#8217;..\u00e9i:.&#8221;l&#8217;tf7VI::li  <\/p>\n<p>The&#8221;C\u00e90.3iivve1&#8217;1i1iiVg  11c_;1di&#8217;i&#8217;ig of the meeiing of the<br \/>\nSh'&lt;&#039;11&#039;\u20ac?}1C3C3t?&quot;S \u20acr&#039;i&#039;.1d&#039;33.65&quot;F%.\u00a75Af:&#039;i.i%&#039;c-&#039;(i (*redii()rs of the 2.1p}&#039;)lioant&#039;<\/p>\n<p>c()I1&#039;1\u00b0_:~211&#039;13,r to (.?&lt;).1&#039;isi(?1e.r&quot;&#039; 1.120 sciicziiie of &#039;dl&#039;l&#039;E}.I1gCfI&quot;1C&#039;.I11.<\/p>\n<p>&#039;&quot;&#039;AAI1&quot;.1&#039;1\u00e9x1;i&#039;i1=e #..H is C!i\u00a7\u00a7_&#039;;1jc=.1isc?(.1 with E _i<\/p>\n<p>sd\/-\n<\/p>\n<p>j37\u00a7;.\u00a7\u00a7GE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karnataka High Court Lifestyle International Prvate &#8230; vs Nil on 10 February, 2010 Author: Ram Mohan Reddy IN THE HIGH COURT OF KARNATAKA AT BANGALORE DATED TIIIS THE 10&#8243;?&#8221; DAY OF FEBRUARY. 2010 BEFORE &#8220;HE HONBLE MRJUSTICE RAM Ix\/IOHAN N COMPANY APPLICATION No.50 OE_2D._IO I BETWEEN: LIFESTYLE INTERNATIONAL PRIVA&#8211;&#8216;I&#8221;DE..LEMI&#8217;f&#8211;I?IIJv&#8221; &#8221; I 3RD. 7W 5: 8&#8217;?&#8221; [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,20],"tags":[],"class_list":["post-93495","post","type-post","status-publish","format-standard","hentry","category-high-court","category-karnataka-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Lifestyle International Prvate ... vs Nil on 10 February, 2010 - Free Judgements of Supreme Court &amp; 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