(1) A creditor of any of the merging companies who, at the date of publication of the notice under Regulation 11 (1) (b), is entitled to any debt or claim against the company, shall be entitled to object to the confirmation by the court of the merger.
(2) If the court deems it necessary in order to secure the adequate protection of creditors of any of the merging companies it may -
(a) determine a list of creditors entitled to object and the nature and amount of their debts or claims, and may publish notices fixing a period within which creditors not entered on the list may have a claim for inclusion on that list considered;
(b) where an undischarged creditor on the list referred to in subparagraph (a) does not consent to the merger, the court may dispense with the consent of that creditor, on the company securing payment of the debt or claim by apportioning to that creditor such following amount as the court may direct -