Compromise or arrangement: petition for court confirmation required; company's failure permits creditor or contributory to apply. A company or its liquidator must present a petition for confirmation of an agreed compromise or arrangement in the prescribed form shortly after the Chairman's report; where the arrangement concerns reconstruction or amalgamation the petition must pray for appropriate orders, and if the company fails to present the petition any creditor or contributory may do so with the Court's leave and the company will be liable for costs; absent a petition or requisite approval, the Chairman's report is placed before the Judge for necessary orders.
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.
Compromise or arrangement: petition for court confirmation required; company's failure permits creditor or contributory to apply.
A company or its liquidator must present a petition for confirmation of an agreed compromise or arrangement in the prescribed form shortly after the Chairman's report; where the arrangement concerns reconstruction or amalgamation the petition must pray for appropriate orders, and if the company fails to present the petition any creditor or contributory may do so with the Court's leave and the company will be liable for costs; absent a petition or requisite approval, the Chairman's report is placed before the Judge for necessary orders.
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