( 1 ) IA No. 2 is allowed.

( 2 ) ). Leave granted.

( 3 ) THE appellant approached a learned Company Judge of the High Court at Chandigarh seeking permission to dispense with the calling of meetings of shareholders and creditors for the purposes of approving a scheme of arrangement between the appellant and the respondent Company. The learned company Judge declined to make such order but he made observations that affect the viability of that proposed scheme. The appellant carried the matter in appeal before a Division Bench of the High Court. The Division Bench dismissed the appeal but gave liberty to the appellant to file fresh applications before the learned Company Judge for approval of the scheme.

( 4 ) LEARNED counsel for the appellant points out that if the judgment and order of the learned Company Judge remains in operation, no useful purpose would be served by any fresh application for approval.

( 5 ) THE appropriate time for the Company Judge to consider the scheme is subsequent to approval thereof by the shareholders and creditors of the appellant Company. Therefore, the order of the learned Company Judge and the order under appeal must be set aside and liberty given to the appellant company to move the High Court for directions for calling meetings of its shareholders and creditors for the purposes of considering and approving the scheme. Once that has been done, a further application will be required to be made before the learned Company Judge. That would be the appropriate time for the learned Company Judge to consider the scheme.

( 6 ) THE appeal is disposed of accordingly.

( 7 ) NO order as to costs.