Compromise or arrangement applications seek sanction to bind specified classes of members or creditors under statutory procedure. Petition seeks Tribunal sanction of a proposed compromise or arrangement, specifying its terms, the company's incorporation and capital details, business and financial circumstances necessitating the proposal, and benefits expected. It must record tribunal-directed procedures: notice and advertisement, circulation of the statutory statement, convening of the class meeting, chairperson appointment and report, meeting attendance and voting particulars, and any modifications. Supporting affidavits must verify the proceedings and exhibit the chairperson's report. If relevant, the petition must state winding-up status and pray that the sanctioned arrangement be declared binding on the specified class and the company.