https://www.taxtmi.com/caselaws?id=97789 A sanctioned scheme of arrangement under the Companies Act, 1956 is legally distinct from winding up or liquidation, so it does not, by itself, convert a banking company's reorganisation into a liquidation process. The High Court may nevertheless exercise supervisory powers under sections 391 and 392 over such a scheme and, where the statutory framework permits, apply the machinery for settling the list of debtors under the banking law. Section 45D applies to winding up, but section 45M was identified as enabling its use in appropriate cases for a banking company working under a sanctioned arrangement. The jurisdictional objection was rejected. en-us Fri, 17 Feb 1961 00:00:00 +0530 Wed, 18 Jan 2012 11:02:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97789 A sanctioned scheme of arrangement under the Companies Act, 1956 is legally distinct from winding up or liquidation, so it does not, by itself, convert a banking company's reorganisation into a liquidation process. The High Court may nevertheless exercise supervisory powers under sections 391 and 392 over such a scheme and, where the statutory framework permits, apply the machinery for settling the list of debtors under the banking law. Section 45D applies to winding up, but section 45M was identified as enabling its use in appropriate cases for a banking company working under a sanctioned arrangement. The jurisdictional objection was rejected. Case-Laws Companies Law Fri, 17 Feb 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97789