NO ARRANGEMENT WITH CREDITORS. The Scheme in no way, is a scheme of compromise or arrangement with the creditors and is not, in any way, adversely affecting the rights of the creditors because the aggregate assets of the Demerged Company and the Resulting Company are more than sufficient to meet the liabilities of the respective creditors in full. The present Scheme is not a scheme of corporate debt restructuring as envisaged under Section 230(2)(c) of the Act or a scheme of compromise or arrangement with creditors.
NO ARRANGEMENT WITH CREDITORS. Under the proposed Scheme, there is no arrangement proposed to be entered into with the creditors, either secured and/or unsecured creditors of the Companies. The liability towards the creditors of Transferor Company 1 and Transferor Company 2 is neither being reduced nor being extinguished but shall be assumed and discharged by the Transferee Company 1 in its ordinary course of business. Similarly, the liability towards the creditors of the Demerged Company (relating to the Demerged Undertaking) is neither being reduced nor being extinguished but shall be assumed and discharged by the Resulting Company in its ordinary course of business, and the liability towards the creditors of the Transferor Company 3 (other than Demerged Undertaking), Transferor Company 4, Transferor Company 5, Transferor Company 6, Transferor Company 7, Transferor Company 8, Transferor Company 9, Transferor Company 10 and Transferor Company 11 is neither being reduced nor being extinguished but shall be assumed and discharged by the Transferee Company 3 in its ordinary course of business.
