Arrangement binding on company and creditors requires company special resolution and creditor accession; tribunal may review within a short period. An arrangement between a company undergoing voluntary winding up and its creditors is binding on the company and creditors if sanctioned by a special resolution of the company and acceded to by creditors holding the requisite supermajority in value; creditors or contributories may, within a short prescribed period after completion, apply to the Tribunal which may amend, vary, confirm or set aside the arrangement.
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.
Arrangement binding on company and creditors requires company special resolution and creditor accession; tribunal may review within a short period.
An arrangement between a company undergoing voluntary winding up and its creditors is binding on the company and creditors if sanctioned by a special resolution of the company and acceded to by creditors holding the requisite supermajority in value; creditors or contributories may, within a short prescribed period after completion, apply to the Tribunal which may amend, vary, confirm or set aside the arrangement.
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