Court : Andhra Pradesh
Decided on : Dec-10-2015
..... of the banks/financial institutions, for the financial assistance extended by them in the form of subscription of the debentures issued by the borrower company, in view of section 117-b of the companies act which requires the borrower-company to appoint a debenture trustee before it issues debentures, and to create a security interest in their favour for due repayment of the amount due on redemption ..... the terms and conditions of their issue. the aforesaid provisions of the companies act, 1956 requires the company, which issues debentures, to appoint one or more debenture trustees before it issues debentures. it is because of the mandate of section 117-b of the companies act are debenture trustees required to be appointed to protect the interests of debenture holders, and for creation of security interest in their favour. these ..... of any kind whatsoever upon property created in favour of any secured creditor, and includes any mortgage, charge, hypothecation or assignment. a debenture trust deed was executed between the petitioner company and the 1st respondent, (ilandfs trust company limited, a company incorporated by ilandfs limited under the companies act, 1956). clause 1(h) thereof defines mortgaged properties to mean the immovable and movable properties of the .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Jul-28-2015
..... companies act relates to applications for winding up and, under-sub-section (1)(b) thereof, an application to the court, for the winding up of a company, shall be presented by petition, among others.by any creditor, including any contingent or prospective creditor. section 439(2) stipulates that a secured creditor, the holder of any debentures (including debenture ..... 434(1)(a).to inability to pay the debt. if, on compliance with the conditions stipulated in 434(1)(a) of the companies act, the respondent company still fails to pay the debt without reasonable cause, it must, in law, be deemed to be unable to pay its debts. ..... borrower defaults in repayment of the loan. consequently, the lender is entitled to initiate proceedings under section 433(e) of the companies act if the guarantor-company neglects to repay the said debt. reliance placed by sr.a. sudershan reddy on n. narasimahaiah1; and subhransu sekhar padhi2, ..... money, does not disable them from invoking the jurisdiction of this court under sections 433 and 434 of the companies act; and the learned company judge had, rightly, admitted the company petition. in examining the question, whether the remedy of a civil suit, for recovery of the debt due, ..... money is essentially a suit between the parties where no third party can seek indulgence or impleadment. proceedings for winding up under the companies act are entirely different, a special remedy provided for. the idea is not to restrict the proceedings to the parties alone. its range .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Sep-29-2015
..... he has expressed the following views: m/s. hill county properties limited (hereafter referred to as hcpl) is a company incorporated under the companies act. m/s. hcpl is in the business of real estate and property development. all the transferor companies are formed with the objective of farming, cultivating, trading of all kinds of agriculture, seeds, fruits, vegetables and ..... is filed by m/s. hill county properties limited (transferee company). these company petitions have been filed under sections 391 and 394 of the companies act, 1956 (for short, the act') for sanction of the proposed scheme of amalgamation of transferor company nos.1 to 14 with the transferee company. 2. in company petition nos.179 to 192 of 2015 filed by the petitioners ..... unsecured creditors for a total amount of rs.10,051.04 millions, i.e., (i) ilandfs engineering and construction company limited (rs.970.17 millions); (ii) maytas estates private limited (rs.7.93 millions); (iii) unsecured compulsory convertible debenture holders (rs.6,000 millions) and (iv) trade creditors (rs.3,072.94 millions). that it has sixteen ..... shareholders in that (i) infrastructure leasing and financial services limited is holding 2,250 shares (9% shareholding); (ii) ilandfs townships and urban assets limited - 10,000 shares (40%); (iii) ilandfs engineering and construction company limited - 7, .....Tag this Judgment!