https://www.taxtmi.com/caselaws?id=101053 An ex parte order convening a creditors' meeting under a compromise and arrangement proposal will be recalled only if the scheme is shown at the threshold to be patently illegal, fraudulent, or so unreasonable and impracticable that a creditors' meeting would be an empty exercise. On the materials before the court, the omission of loan creditors was curable, objections to deferred repayment of deposits could be addressed through the statutory sanction process, and the proposed classification of creditors was not shown to be compelling at that stage. The court therefore declined interim interference, allowed the meeting to proceed, and preserved the company's assets and records pending consideration of the proposal. en-us Wed, 21 Sep 1983 00:00:00 +0530 Wed, 08 Feb 2012 13:52:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101053 An ex parte order convening a creditors' meeting under a compromise and arrangement proposal will be recalled only if the scheme is shown at the threshold to be patently illegal, fraudulent, or so unreasonable and impracticable that a creditors' meeting would be an empty exercise. On the materials before the court, the omission of loan creditors was curable, objections to deferred repayment of deposits could be addressed through the statutory sanction process, and the proposed classification of creditors was not shown to be compelling at that stage. The court therefore declined interim interference, allowed the meeting to proceed, and preserved the company's assets and records pending consideration of the proposal. Case-Laws Companies Law Wed, 21 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101053