Meetting of unsecured creditor under amalgamation scheme

Q.1 Whether it's Mandatory to Join The Meeting of Unsecured Creditor under Amalgamation Scheme U/s 391-393 under Comapanies Act ,1956.

Q.2 Whether Such Amalgamation effect our Debtor Solvency /Any Legal effect/ claim against old name company?

 Facts:

One of our Debtor (Company) Amalgamated with another company with new name, We received a Notice of conveying meeting of unsecured creditor organised by the direction of high court , held at jurisdictional area of such debtor, we are inconvienant to join such meeting. whether its mandatory to join such meeting of unsecured creditor.

Also, Whether we are legally enforceable to claim our book debts from such (debtor) company after amalgamation with other company with new name.

 

Replies (1)

Ans.1:  No, it is not mandatory to attend the meeting.

Ans.2:  All claims against the transferor company will continue in the name of the transferee company.  This is clearly provided in the amalgamation scheme.

 

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