https://www.taxtmi.com/caselaws?id=99806 A sanctioned scheme under section 391 acquires statutory force, but the High Court retains continuing supervisory jurisdiction under section 392 to modify the scheme for its proper working and to give effect to a compromise, including a change in the mode of payment to the Income-tax Department. The sanctioned scheme governed the creditors' rights once it became final, and they could not claim interest contrary to its terms. Interest was unavailable because the scheme did not provide for it and the limited statutory conditions for interest were not met. The proposed arrangement and bank guarantee were accepted as workable, while leaving the creditors' substantive entitlement under the original scheme intact and payable in full. en-us Fri, 19 Oct 1979 00:00:00 +0530 Mon, 30 Jan 2012 12:03:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99806 A sanctioned scheme under section 391 acquires statutory force, but the High Court retains continuing supervisory jurisdiction under section 392 to modify the scheme for its proper working and to give effect to a compromise, including a change in the mode of payment to the Income-tax Department. The sanctioned scheme governed the creditors' rights once it became final, and they could not claim interest contrary to its terms. Interest was unavailable because the scheme did not provide for it and the limited statutory conditions for interest were not met. The proposed arrangement and bank guarantee were accepted as workable, while leaving the creditors' substantive entitlement under the original scheme intact and payable in full. Case-Laws Companies Law Fri, 19 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99806