https://www.taxtmi.com/caselaws?id=99198 A revised compromise and arrangement for revival of a sick industrial company was sanctioned because the statutory convening and disclosure requirements were complied with, and the affected classes of shareholders, secured creditors, unsecured creditors and workmen approved the proposal without material opposition. The Court accepted the scheme as a bona fide commercial revival arrangement, noting workable treatment of secured debt, municipal tax claims, sales tax liabilities and workmen's dues, and treating continued employment and restart of the unit as the governing business consideration. On that basis, the winding-up order was cancelled to enable implementation of the sanctioned scheme under court supervision. en-us Tue, 10 Dec 1974 00:00:00 +0530 Wed, 25 Jan 2012 15:44:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99198 A revised compromise and arrangement for revival of a sick industrial company was sanctioned because the statutory convening and disclosure requirements were complied with, and the affected classes of shareholders, secured creditors, unsecured creditors and workmen approved the proposal without material opposition. The Court accepted the scheme as a bona fide commercial revival arrangement, noting workable treatment of secured debt, municipal tax claims, sales tax liabilities and workmen's dues, and treating continued employment and restart of the unit as the governing business consideration. On that basis, the winding-up order was cancelled to enable implementation of the sanctioned scheme under court supervision. Case-Laws Companies Law Tue, 10 Dec 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99198