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24) It was submitted that this was a reverse merger inasmuch as IBFSL was a holding company and the appellant company was only a subsidiary company and holding company was sought to be amalgamated and merged with the subsidiary company.

25) It was also submitted that the entire exercise of merger was undertaken to transfer loan from financial company to a financial company in order to take advantage of provisions of SARFAESI Act, which according to the respondents is not permissible in law. On the aforesaid basis, the first submission of the learned counsel for respondents was that there was no transfer and vesting of loan in the appellant company provisions as per the scheme. It was argued that the scheme envisaged, under paragraph 4, that with effect from the appointed date, i.e., April 01, 2012, the amalgamating company comprising the amalgamating undertaking shall, pursuant to the sanction of the scheme by the High Court and compliance of statutory provisions, be and stand transferred to and vested in the amalgamated company as a going concern without any further act, instrument, deed, matter or thing so as to become, as and from the appointed date April 01, 2012, the undertakings of the amalgamated company by virtue of and in the manner provided in the scheme.