Orbit Trading Company Pvt. Ltd. v. -
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY SUMMONS FOR DIRECTION NO. 363 OF 2016 In the matter of the Companies Act, 1956/2013 AND In the matter of application under Sections 391 to section 394 read with Section 100 to 104 of the Companies Act, 1956.
AND In the matter of Orbit Trading Company Private Limited, a company incorporated under the provisions of the Act, 1956 AND In the matter of Scheme of Arrangement And Restructuring between LEO COATS (INDIA) PRIVATE LIMITED ... Demerged Company AND ORBIT TRADING COMPANY PRIVATE LIMITED ... Transferor Company AND CHAITRI CONSTRUCTION PRIVATE LIMITED... Resulting/Transferee Company Their Respective Shareholders and creditors
Orbit Trading Company Private Limited, ) a company incorporated under the provisions ) of the Companies Act, 1956 and having its ) registered office at H/157 Dr. Ambedkar ) Nagar, Kokari Nagar, S.M. Road, Sion, ) .. Applicant / Koliwada, Mumbai - 400037.
) Transferor Company Called Summons for Direction for Hearing Mr. Naser Rizvi i/b. M/s. Thakore Jariwala & Associates, Advocates for Applicant Coram: S.C. Gupte J.
Date: 4th May, 2016 MINUTES OF THE ORDER UPON the application of Orbit Trading Company Private Limited, the Applicant above named by Summons for Direction AND upon hearing Mr. Naser Rizvi Advocate for the Applicant Company and upon reading the Affidavit dated 28th March, 2016 of Mr. Sudhir Devidas Shinde, Director of the Applicant Company in support of Summons for Direction and the Exhibits therein, IT IS ORDERED:-
1. That convening and holding the Meeting of the Equity Shareholders of the Applicant Company, for the purpose of Considering and, if thought fit,
approving, with or without modification(s), Scheme of Arrangement and Restructuring between Leo Coats (India) Private Limited, the Demerged company and Orbit Trading Company Private Limited, the Transferor Company/Applicant Company and Chaitri Construction Private Limited, Resulting/ Transferee Company and their respective Shareholders and Creditors, is dispensed with in view of the consent given by both the Equity Shareholders of the Applicant Company, which are annexed as Exhibits "N-1 and N-2" to the Affidavit-in-support of the Summons for Direction.
2. There are no Secured Creditors of the Applicant Company as stated in paragraph 32 of the Affidavit in support of Summons for Direction. Hence, the question of convening and holding the meeting of Secured Creditors does not arise.
3. That convening and holding the Meeting of the Unsecured Creditors of the Applicant Company, for the purpose of Considering and, if thought fit, approving, with or without modification(s), Scheme of Arrangement and Restructuring between Leo Coats (India) Private Limited, the Demerged company and Orbit Trading Company Private Limited, the Transferor Company/Applicant Company and Chaitri Construction Private Limited, Resulting/ Transferee Company and their respective Shareholders and Creditors, is dispensed with in view of the consent given by all the Eight Unsecured Creditors of the Applicant Company, which are annexed as Exhibits "O-1 to O-8" to the Affidavit-in-support of the Summons for Direction.
( S.C. Gupte, J.)
CERTIFICATE I certify that this Order uploaded is a true and correct copy of original signed order. Uploaded by: Shankar Gawde, Stenographer