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of <h1>Petition for Tribunal Sanction on Company Restructuring Must Be Filed Within 7 Days Under Sections 230 and 232</h1> A company or its liquidator must file a petition with the Tribunal in Form NO. CAA.5 within seven days after members or creditors agree to a proposed compromise or arrangement, with or without modifications. This petition seeks the Tribunal's sanction for the scheme, especially if it involves company reconstruction or amalgamation, under sections 230 and 232 of the Act. If the company fails to present the petition, any creditor or member may do so with the Tribunal's permission, and the company will bear the associated costs.
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