https://www.taxtmi.com/caselaws?id=96593 Section 251 of the Companies Act 1929 was construed as part of the voluntary winding-up provisions and not as extending to compulsory winding-up. The court held that an arrangement under that section must relate to a company properly about to be wound up, and that the word "arrangement" did not naturally include a compromise properly so called. On the facts, a composition that would have left the company solvent was outside section 251 and did not bind the dissenting creditor. The majority creditors' wishes were relevant, and the matter was left to stand over so that a scheme under section 153 could be considered. en-us Mon, 09 May 1932 00:00:00 +0530 Mon, 09 Jan 2012 16:12:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96593 Section 251 of the Companies Act 1929 was construed as part of the voluntary winding-up provisions and not as extending to compulsory winding-up. The court held that an arrangement under that section must relate to a company properly about to be wound up, and that the word "arrangement" did not naturally include a compromise properly so called. On the facts, a composition that would have left the company solvent was outside section 251 and did not bind the dissenting creditor. The majority creditors' wishes were relevant, and the matter was left to stand over so that a scheme under section 153 could be considered. Case-Laws Companies Law Mon, 09 May 1932 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96593