Tuesday, June 16, 2015

HC rejects creditor's objection to amalgamation scheme as there was unequivocal promise to pay off debt


  • The High Court of Andhra Pradesh held as follows here some Unsecured Creditors of Petitioner-company challenged proposed scheme of amalgamation on account of non- convening of meeting of creditors, in view of fact that debts belonging to them were doubtful and, moreover, there was unequivocal promise to pay debts if found to be true and binding on petitioner, objection raised deserved to be set aside


  • Where swap ratio given to shareholders of transfer or companies was based on report of auditors which was accepted by majority shareholders, proposed scheme of amalgamation could not be challenged on ground so that swap ratio adopted was inappropriate

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