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A sanctioned scheme of arrangement, approved with requisite creditor consent, operates as a binding novation that resolves antecedent debt and precludes initiation of insolvency proceedings under Section 7 when sanction predates the admission; Section 391(3) and (6) principles bind parties and stay coercive action. Where objections and a stay on recall of sanction were pending before a higher bench and the petitioner failed to disclose the sanction, the adjudicating authority should have deferred exercising its discretionary power under Section 7 until appellate disposal. Consequently the admission under Section 7 was set aside while the Section 7 petition is to be kept pending for reconsideration after the appellate outcome.
A sanctioned scheme of arrangement, approved with requisite creditor consent, operates as a binding novation that resolves antecedent debt and precludes initiation of insolvency proceedings under Section 7 when sanction predates the admission; Section 391(3) and (6) principles bind parties and stay coercive action. Where objections and a stay on recall of sanction were pending before a higher bench and the petitioner failed to disclose the sanction, the adjudicating authority should have deferred exercising its discretionary power under Section 7 until appellate disposal. Consequently the admission under Section 7 was set aside while the Section 7 petition is to be kept pending for reconsideration after the appellate outcome.
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TaxTMI 
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