https://www.taxtmi.com/caselaws?id=99150 Directions under section 391 of the Companies Act, 1956 should issue only where the proposed compromise or arrangement is one that reasonable persons acting honestly and in a business-like manner could regard as fair, reasonable and capable of implementation. The court gave weight to the objections of major secured creditors holding more than half of the creditor value, since their concerns went to the practicability of the proposal itself. It also noted that the scheme was materially similar to an earlier plan already rejected as unworkable and raised serious doubts on implementation, including uncertain treatment of secured debts and objectionable treatment of workmen's claims. No directions were issued to convene the meetings. en-us Mon, 15 Jul 1974 00:00:00 +0530 Wed, 25 Jan 2012 13:14:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99150 Directions under section 391 of the Companies Act, 1956 should issue only where the proposed compromise or arrangement is one that reasonable persons acting honestly and in a business-like manner could regard as fair, reasonable and capable of implementation. The court gave weight to the objections of major secured creditors holding more than half of the creditor value, since their concerns went to the practicability of the proposal itself. It also noted that the scheme was materially similar to an earlier plan already rejected as unworkable and raised serious doubts on implementation, including uncertain treatment of secured debts and objectionable treatment of workmen's claims. No directions were issued to convene the meetings. Case-Laws Companies Law Mon, 15 Jul 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99150