Objection(s) to a Scheme of Compromise or Arrangement(s) under Section 230 of the Companies Act, 2013 – The Indian Performing Right Society Ltd. Vs. Novi Digital Entertainment Pvt. Ltd. and Anr. – NCLAT New Delhi
Hon’ble NCLAT held that even a person having pecuniary claim against the Company whether actual or contingent is a Creditor. There is no straight jacket cast iron formula that objections were to be raised, only at the time final hearing not at the time of admission. Raising of an objection, to a Scheme of Compromise or Arrangement means filing of an application before the Tribunal.
It cannot be gainsaid that since the Creditors were given a right, to file Objection, they were equally entitled, to prefer an objection, even without the threshold credit limit, mentioned in Proviso to Section 230(4) of the Companies Act, 2013.
