Compromise or arrangement petition seeks court sanction to bind a specified class of creditors or members. Petition under Form No. 40 seeking court sanction of a compromise or arrangement: it sets out the purpose, company incorporation and capital details, objects, business and financial position, the full terms of the proposed compromise or arrangement and any meeting modifications. Procedure requires a court order to convene the relevant class meeting, appointment of a chairman to report, individual notices and advertisement, submission of the statement required by section 393, proxy provision, and a chairman's report recording attendance and the resolution. The petition prays that the sanctioned compromise or arrangement be binding on the specified class and the company, with affidavits verifying notices, meetings and the chairman's report.
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 seeks court sanction to bind a specified class of creditors or members.
Petition under Form No. 40 seeking court sanction of a compromise or arrangement: it sets out the purpose, company incorporation and capital details, objects, business and financial position, the full terms of the proposed compromise or arrangement and any meeting modifications. Procedure requires a court order to convene the relevant class meeting, appointment of a chairman to report, individual notices and advertisement, submission of the statement required by section 393, proxy provision, and a chairman's report recording attendance and the resolution. The petition prays that the sanctioned compromise or arrangement be binding on the specified class and the company, with affidavits verifying notices, meetings and the chairman's report.
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