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of <h1>Revival Scheme for Sick Companies: Creditor Approval in 60-120 Days, Special Resolution for Amalgamation, Tribunal's Final Sanction Required.</h1> The scheme for the revival and rehabilitation of sick companies, prepared by a company administrator, must be approved by creditors within 60 days, extendable to 120 days by the Tribunal. Separate meetings for secured and unsecured creditors are required, needing approval from one-fourth of unsecured creditors and three-fourths of secured creditors. If involving amalgamation, shareholder approval via special resolution is necessary. The Tribunal reviews, modifies, and sanctions the scheme, which includes property and liability transfers. The Tribunal can modify or request a new scheme. A sanctioned scheme is conclusive evidence of compliance and must be filed with the Registrar within 30 days.
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