In Re_ Ge India Industrial Private Limited And
Ors. Vs., (2020) 07 NCLT CK 0007
NCLT allowed the application filed by
the applicant, under Section 230-232 of the Companies Act, 2013 read with the
Company (Compromises, Arrangements and Amalgamations) Rules, 2016 and the
National Company Law Tribunal Rules, 2016, for the purpose of approving the
Scheme of Arrangement of demerger, as contemplated between the Demerged Company
with Resulting Company. While allowing the application NCLT held that In view
of the forgoing, upon considering the approval accorded by the members and
creditors of the Demerged Company to the proposed Scheme, No objection of the
Regional Director, Northern region, Ministry of Corporate Affairs, and
submissions made by the Standing Counsel for the Income Tax Department, whereby
a demand was raised which shall be met by filing an undertaking by the Petitioner
(Demerged Company), there appears no impediment to grant sanction to the
Scheme. However, the demerged shall remain bound by the undertaking filed.
Consequently, the scheme under consideration is sanctioned.
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