https://www.taxtmi.com/caselaws?id=99232 Section 392 gives the High Court continuing supervisory power over a sanctioned compromise or arrangement and permits modifications necessary for its proper working. This power is not exhausted on sanction and may extend to a basic change, including substitution of the sponsor, where the sponsor's bona fides, technical competence and financial capacity affect implementation. Substitution may be accepted where affected creditors, shareholders, the official liquidator and employees' representative consent or do not object, public notice elicits no objections, and the incoming sponsor gives an unconditional implementation undertaking with adequate financial and technical capability. The scheme may then proceed with consequential amendments. en-us Wed, 07 May 1975 00:00:00 +0530 Wed, 25 Jan 2012 16:31:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99232 Section 392 gives the High Court continuing supervisory power over a sanctioned compromise or arrangement and permits modifications necessary for its proper working. This power is not exhausted on sanction and may extend to a basic change, including substitution of the sponsor, where the sponsor's bona fides, technical competence and financial capacity affect implementation. Substitution may be accepted where affected creditors, shareholders, the official liquidator and employees' representative consent or do not object, public notice elicits no objections, and the incoming sponsor gives an unconditional implementation undertaking with adequate financial and technical capability. The scheme may then proceed with consequential amendments. Case-Laws Companies Law Wed, 07 May 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99232