Sanction of compromise or arrangement establishes a binding scheme approved by creditors and requires filing with the registrar. The Court may sanction a proposed compromise or arrangement, declaring it binding on the specified class or classes of creditors or members and on the company (and its liquidator where applicable) where the requisite meeting approvals, notices, publications and chairman's reports support the proposal. The order may include directions or modifications for implementation, permit further applications for directions, and requires filing a certified copy of the sanction order with the Registrar of Companies within the prescribed period.
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.
Sanction of compromise or arrangement establishes a binding scheme approved by creditors and requires filing with the registrar.
The Court may sanction a proposed compromise or arrangement, declaring it binding on the specified class or classes of creditors or members and on the company (and its liquidator where applicable) where the requisite meeting approvals, notices, publications and chairman's reports support the proposal. The order may include directions or modifications for implementation, permit further applications for directions, and requires filing a certified copy of the sanction order with the Registrar of Companies within the prescribed period.
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