https://www.taxtmi.com/caselaws?id=98801 Unsecured creditors may be treated as one class for convening a compromise meeting where their debts are of the same kind and no prejudice is shown merely because some hold decrees and others do not. For sanction, the Court must still be satisfied that the scheme is bona fide, fair, reasonable and supported by full disclosure of the company's latest financial position and auditor's report. Where the material is unreliable, the scheme is indefinite, and winding up appears more advantageous to the unsecured creditors, majority approval alone does not justify sanction. On the material presented, both compromises were rejected. en-us Fri, 18 Dec 1970 00:00:00 +0530 Tue, 24 Jan 2012 10:59:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98801 Unsecured creditors may be treated as one class for convening a compromise meeting where their debts are of the same kind and no prejudice is shown merely because some hold decrees and others do not. For sanction, the Court must still be satisfied that the scheme is bona fide, fair, reasonable and supported by full disclosure of the company's latest financial position and auditor's report. Where the material is unreliable, the scheme is indefinite, and winding up appears more advantageous to the unsecured creditors, majority approval alone does not justify sanction. On the material presented, both compromises were rejected. Case-Laws Companies Law Fri, 18 Dec 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98801