Sanction of revival scheme: approval process finalises transfers and binds creditors, shareholders and stakeholders upon operation. The company administrator must convene separate secured and unsecured creditor meetings to obtain prescribed approvals and, where amalgamation is proposed, shareholders must approve by special resolution; the Tribunal examines and drafts the scheme for suggestions, may publish and modify it, and upon satisfying approval requirements sanctions the scheme, which effects transfer and vesting of property and liabilities as provided and must be filed with the Registrar.
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Provisions expressly mentioned in the judgment/order text.
Sanction of revival scheme: approval process finalises transfers and binds creditors, shareholders and stakeholders upon operation.
The company administrator must convene separate secured and unsecured creditor meetings to obtain prescribed approvals and, where amalgamation is proposed, shareholders must approve by special resolution; the Tribunal examines and drafts the scheme for suggestions, may publish and modify it, and upon satisfying approval requirements sanctions the scheme, which effects transfer and vesting of property and liabilities as provided and must be filed with the Registrar.
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