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        Case ID :
        Insolvency and Bankruptcy

        Consideration of Scheme of Compromise or Arrangement - no...

        Respondents can present revised Scheme to Financial Creditors for consent under Companies Act Section 230(2)(c); Authority's order upheld.

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                          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.
                                Consideration of Scheme of Compromise or Arrangement - no opportunity was given to Respondent Nos.2 and 3 to explain and clarify their Scheme before Financial Creditors and Members of Stakeholder Consultation Committee on 22nd October, 2021, on which date the meeting was convened by the Liquidator. - Respondent Nos.2 and 3 are entitled to an opportunity to place and explain their revised Scheme before Financial Creditors and it is for the Financial Creditors to consider the Scheme for purposes of giving consent as contemplated by Section 230, sub-section (2) (c) of the Companies Act. - The order passed by the Adjudicating Authority is affirmed - AT
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