Jayant Nath, J.

Co.Appl.(M) 135/2016 & CA 1107/2018 & 1109/2018

1. This application has been filed under section 391 of the Companies Act, 1959 for dispensing with the meeting of shareholder and convening a meeting of secured and unsecured creditors of the applicant company and to pass an order approving and implementing the proposed scheme of arrangement to pay to the creditors. The case of the petitioners is that the applicant company was incorporated on 28.2.2007 as a private limited company which was engaged in the business of providing technical support and computer maintenance services to in-home users, small offices and business enterprises having customers in various countries like United States, United Kingdom, Australia etc. The petitioner company was granted status of an approved "Special Economic Zone" unit. It is pleaded that the revenues demonstrated a phenomenal growth in 2013-14 and 2014-15 with revenues being Rs.520 crores and Rs.500 crores respectively. However, a financial crunch was posed in the year 2014-15 when IBM, the company's largest partner tr