scheme of arrangement between
Piramal Capital and Corporate Debtor i.e. Reverse
Merger of the Piramal Capital and Housing Finance
Limited, into and with DHFL ... into DHFL with effect from 30th September, 2021,
pursuant to the reverse merger as contemplated under
Rane 9/22 WP-3157&3221-2021
November
towards RECs issuance.
(c) Further, while considering the implications of a reverse merger, the
Hon'ble Gujarat High Court's illustration quoted above ... held that arrangement of takeover
by reverse bid(present case also involves a reverse merger) in the
present case will not affect the right
which is communicated its "no objection" to the proposed reverse merger of the transferor company with the transferee company with effect from April ... lead banker, hereby convey court approval for the reverse merger as well as the reduction of share capital of GVK Hotels Limited from
Resolution Plan, the same was implemented. By way of a
reverse merger, the Successful Resolution Applicant merged into the
Corporate Debtor. Thus, a new entity ... argument is flawed and
untenable as admittedly, by way of a reverse merger, the Successful
Resolution Applicant merged into the Corporate Debtor; thus, the
Corporate
Resolution Plan, the same was implemented. By way of a
reverse merger, the Successful Resolution Applicant merged into the
Corporate Debtor. Thus, a new entity ... argument is flawed and
untenable as admittedly, by way of a reverse merger, the Successful
Resolution Applicant merged into the Corporate Debtor; thus, the
Corporate
change in the constitution of the Borrower Company by
merger/demerger/reverse merger or amalgamation of the Borrower Company
with any other company / corporation ... change in the constitution of the
Borrower Company by merger/demerger/reverse merger or amalgamation of the
Borrower Company with any other company / corporation
acquiring the reversion, or
of a third party acquiring both lease and reversion. The
principle is the same in both surrender and merger: the lease ... absorbed by the reversion and destroyed.
For merger to be effective, the lease and the reversion must be
vested in the same person
Schering Plough Corporation on 3rd November, 2009,
by way of the reverse merger. Subsequently, Schering Plough Corporation
changed its name to Merck
Capital & Housing Finance Limited. By that order there was a
reverse merger of Piramal Capital & Housing Finance Limited into
Dewan Housing Finance Corporation
appellant herein who took over the assets and liabilities of IBFSL
on merger. Insofar as the other issue, namely, provisions of
SARFAESI Act could ... merely procedural statute.
24) It was submitted that this was a reverse merger inasmuch as
IBFSL was a holding company and the appellant company
