https://www.taxtmi.com/caselaws?id=96797 A composition scheme sanctioned under section 153 became operative from the creditors' meeting date and exclusively governed creditors' recoveries; consequently, assignees who acquired an assignable creditor's interest after notice and immediately before the meeting, with knowledge of the proposed scheme, could not assert an independent set-off that would frustrate the sanctioned scheme. The assignment did not create a separate class nor exempt the assignees from the scheme's operation, and therefore the defendants' claim for set-off was precluded and dismissed. en-us Tue, 15 Aug 1939 00:00:00 +0530 Wed, 11 Jan 2012 12:07:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96797 A composition scheme sanctioned under section 153 became operative from the creditors' meeting date and exclusively governed creditors' recoveries; consequently, assignees who acquired an assignable creditor's interest after notice and immediately before the meeting, with knowledge of the proposed scheme, could not assert an independent set-off that would frustrate the sanctioned scheme. The assignment did not create a separate class nor exempt the assignees from the scheme's operation, and therefore the defendants' claim for set-off was precluded and dismissed. Case-Laws Companies Law Tue, 15 Aug 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96797