Revival and rehabilitation of sick companies: Tribunal powers to enforce or modify schemes and creditors' role in modification. Section 264 (now omitted) empowered the Tribunal to enforce, modify or terminate contracts for effective implementation of a sanctioned rehabilitation scheme, to authorise a company administrator to implement the scheme with reporting obligations, to apply sale proceeds towards scheme implementation, and to entertain applications to modify or declare the scheme failed and wind up the company; such modification or winding up required consent of secured creditors holding three fourths in value and pending applications could abate where those secured creditors had taken recovery measures.
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Revival and rehabilitation of sick companies: Tribunal powers to enforce or modify schemes and creditors' role in modification.
Section 264 (now omitted) empowered the Tribunal to enforce, modify or terminate contracts for effective implementation of a sanctioned rehabilitation scheme, to authorise a company administrator to implement the scheme with reporting obligations, to apply sale proceeds towards scheme implementation, and to entertain applications to modify or declare the scheme failed and wind up the company; such modification or winding up required consent of secured creditors holding three fourths in value and pending applications could abate where those secured creditors had taken recovery measures.
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