https://www.taxtmi.com/caselaws?id=97245 A named person appointed to fix liability in absolute discretion as a valuer does not act as an arbitrator, because an award requires a judicial determination after judicial inquiry; the valuer's decision was therefore not enforceable as an award. Misfeasance proceedings under the Companies Act are in the nature of a suit, so Section 141 of the Code of Civil Procedure extends suit procedure and permits a lawful compromise to be recorded under Order XXIII, Rule 3. Court sanction need not come from the same Judge who later hears the matter, because the statute requires sanction of the court, not of a particular Judge; the compromise was binding and enforceable. en-us Tue, 07 Apr 1953 00:00:00 +0530 Mon, 16 Jan 2012 10:42:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97245 A named person appointed to fix liability in absolute discretion as a valuer does not act as an arbitrator, because an award requires a judicial determination after judicial inquiry; the valuer's decision was therefore not enforceable as an award. Misfeasance proceedings under the Companies Act are in the nature of a suit, so Section 141 of the Code of Civil Procedure extends suit procedure and permits a lawful compromise to be recorded under Order XXIII, Rule 3. Court sanction need not come from the same Judge who later hears the matter, because the statute requires sanction of the court, not of a particular Judge; the compromise was binding and enforceable. Case-Laws Companies Law Tue, 07 Apr 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97245