https://www.taxtmi.com/caselaws?id=99687 The scheme of reconstruction met statutory prerequisites: convened creditor and member meetings, required notices, and submission of official liquidator financials; the court applied the test of bona fides of the majority, adequacy of information to classes, and whether an intelligent and honest member might approve, and sanctioned the scheme as fair and reasonable. The court also held that it has power to stay winding-up proceedings pending revival where dissolution has not occurred, may permit the company to carry on business during the stay subject to official liquidator report and supervisory conditions, and granted a limited stay to enable implementation. en-us Mon, 16 Oct 1978 00:00:00 +0530 Sat, 28 Jan 2012 12:55:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99687 The scheme of reconstruction met statutory prerequisites: convened creditor and member meetings, required notices, and submission of official liquidator financials; the court applied the test of bona fides of the majority, adequacy of information to classes, and whether an intelligent and honest member might approve, and sanctioned the scheme as fair and reasonable. The court also held that it has power to stay winding-up proceedings pending revival where dissolution has not occurred, may permit the company to carry on business during the stay subject to official liquidator report and supervisory conditions, and granted a limited stay to enable implementation. Case-Laws Companies Law Mon, 16 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99687