Arrangement binding on company and creditors when sanctioned and accepted by supermajority; limited appeal permits Tribunal modification. An arrangement between a company being wound up and its creditors, if sanctioned by a special resolution and acceded to by a supermajority of creditors in number and value, is binding on the company and those creditors; any creditor or contributory may appeal within three weeks to the Tribunal, which may amend, vary, confirm or set aside the arrangement.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Arrangement binding on company and creditors when sanctioned and accepted by supermajority; limited appeal permits Tribunal modification.
An arrangement between a company being wound up and its creditors, if sanctioned by a special resolution and acceded to by a supermajority of creditors in number and value, is binding on the company and those creditors; any creditor or contributory may appeal within three weeks to the Tribunal, which may amend, vary, confirm or set aside the arrangement.
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