https://www.taxtmi.com/caselaws?id=97346 A scheme for payment of company debts could not be sanctioned where it depended on the Industrial Finance Corporation leasing the company's assets, because the statute gave the Corporation only management, sale, and realisation powers and no express or implied lease power. The court also could not materially rewrite the scheme to reconcile inconsistent creditor conditions, as the Companies Act provision allowed sanction or rejection of the scheme as presented and did not confer a general power to redesign it. Because the proposed arrangement was ultra vires and no workable sanctioned scheme existed, the compromise application failed. en-us Wed, 04 May 1955 00:00:00 +0530 Thu, 16 Jan 2014 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97346 A scheme for payment of company debts could not be sanctioned where it depended on the Industrial Finance Corporation leasing the company's assets, because the statute gave the Corporation only management, sale, and realisation powers and no express or implied lease power. The court also could not materially rewrite the scheme to reconcile inconsistent creditor conditions, as the Companies Act provision allowed sanction or rejection of the scheme as presented and did not confer a general power to redesign it. Because the proposed arrangement was ultra vires and no workable sanctioned scheme existed, the compromise application failed. Case-Laws Companies Law Wed, 04 May 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97346