Arrangement binding on company and creditors requires company special resolution and creditor accession; tribunal may review within a short period.

An arrangement between a company undergoing voluntary winding up and its creditors is binding on the company and creditors if sanctioned by a special resolution of the company and acceded to by creditors holding the requisite supermajority in value; creditors or contributories may, within a short prescribed period after completion, apply to the Tribunal which may amend, vary, confirm or set aside the arrangement.

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