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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clause 230: Companies Bill Guides Compromises with Creditors, Requires 75% Approval, Tribunal Sanction, and Excludes Non-Compliant Buy-Backs.</h1> Clause 230 of the Companies Bill, 2011, outlines the process for companies to propose compromises or arrangements with creditors and members. The Tribunal can order meetings for creditors or members to discuss these proposals. Applicants must disclose relevant company information, including financial status and any debt restructuring plans. Notices of meetings must be sent to stakeholders and published as required. Approval requires a three-fourths majority vote, and if sanctioned by the Tribunal, the arrangement is binding. The Tribunal's order should address matters like creditor protection and shareholder rights. The process excludes buy-backs unless compliant with section 68 and allows for takeover offers.
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