https://www.taxtmi.com/caselaws?id=96778 An unregistered foreign company liable to be wound up was treated as falling within the compromise provision of the Indian Companies Act, and the court construed its jurisdiction broadly so the application could be maintained by creditors both before and after a winding-up order. Parallel liquidation proceedings abroad did not prevent this court from directing meetings of creditors and shareholders to consider a proposed scheme of arrangement, since the statutory process is meant to test creditor and member support on updated financial material. Objections based on impracticability, unfairness, or financial doubt were not enough to refuse circulation of the scheme at the threshold; the scheme was therefore ordered to be placed before the relevant classes for consideration. en-us Mon, 05 Dec 1938 00:00:00 +0530 Wed, 11 Jan 2012 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96778 An unregistered foreign company liable to be wound up was treated as falling within the compromise provision of the Indian Companies Act, and the court construed its jurisdiction broadly so the application could be maintained by creditors both before and after a winding-up order. Parallel liquidation proceedings abroad did not prevent this court from directing meetings of creditors and shareholders to consider a proposed scheme of arrangement, since the statutory process is meant to test creditor and member support on updated financial material. Objections based on impracticability, unfairness, or financial doubt were not enough to refuse circulation of the scheme at the threshold; the scheme was therefore ordered to be placed before the relevant classes for consideration. Case-Laws Companies Law Mon, 05 Dec 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96778