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of <h1>Section 321 of Companies Act, 2013, on company-creditor arrangements in voluntary winding up, removed by Insolvency and Bankruptcy Code, 2016.</h1> Section 321 of the Companies Act, 2013, which dealt with arrangements binding on a company and its creditors during voluntary winding up, has been omitted by the Insolvency and Bankruptcy Code, 2016. Previously, it allowed arrangements between a company being wound up and its creditors to be binding if sanctioned by a special resolution and agreed upon by creditors holding three-fourths of the total debt. Creditors or contributors could apply to the Tribunal within three weeks to amend, vary, confirm, or set aside the arrangement.
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