https://www.taxtmi.com/caselaws?id=96669 Section 153 demands that creditors whose rights are materially distinct be treated as separate classes and given separate meetings and class-majority approval; decree-holders and similar creditors were held to constitute such a separate class. Because no separate meeting or separate class approval was obtained for those creditors, the statutory procedure under Section 153 was not complied with and the proposed scheme of arrangement cannot be sanctioned in its present form. The court applied principles on creditor classification and class-majority consent, concluding absence of separate class approval invalidates sanction of the compromise. en-us Mon, 21 Jan 1935 00:00:00 +0530 Tue, 10 Jan 2012 12:24:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96669 Section 153 demands that creditors whose rights are materially distinct be treated as separate classes and given separate meetings and class-majority approval; decree-holders and similar creditors were held to constitute such a separate class. Because no separate meeting or separate class approval was obtained for those creditors, the statutory procedure under Section 153 was not complied with and the proposed scheme of arrangement cannot be sanctioned in its present form. The court applied principles on creditor classification and class-majority consent, concluding absence of separate class approval invalidates sanction of the compromise. Case-Laws Companies Law Mon, 21 Jan 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96669