Amalgamation is the process by which two or more companies combine to form a single entity — either by one company absorbing the other(s) (merger by absorption), or by all the combining companies dissolving to form an entirely new company (merger by consolidation). Under Section 232 of the Companies Act, 2013, a scheme of amalgamation requires approval by the majority of shareholders and creditors of each company, sanction by the NCLT, and filing of the NCLT order with the RoC; upon sanctioning, the transferee company acquires all assets, liabilities, and contracts of the transferor company(ies), which are dissolved without winding up.