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of <h1>Section 391 Empowers Tribunal to Sanction Company Arrangements with Creditors or Members, Requires Full Disclosure and Compliance</h1> Section 391 of the Companies Act, 1956, grants the Tribunal authority to facilitate compromises or arrangements between a company and its creditors or members. Upon application, the Tribunal can order meetings to discuss proposed arrangements. If a three-fourths majority of creditors or members agree, and the Tribunal sanctions it, the arrangement becomes binding on all parties. The Tribunal requires full disclosure of relevant company information before sanctioning. Orders must be filed with the Registrar and attached to company documents. Non-compliance results in fines. The Tribunal can also stay legal proceedings against the company during the application process.
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