https://www.taxtmi.com/caselaws?id=101581 A contributory of a company in liquidation may maintain an application to convene meetings for a compromise or arrangement, but the court must first be satisfied that the proposal is bona fide and prima facie feasible. Where the scheme gives no realistic basis for discharge of liabilities, omits material financial details, and appears designed to delay winding up, the court may refuse to convene meetings. The text also recognises that in liquidation a private sale of the undertaking may be ordered if it secures a reasonable price and better protects the creditors and estate; on the facts, the mill, land and buildings were directed to be sold privately on court-fixed terms. en-us Wed, 15 Oct 1986 00:00:00 +0530 Fri, 10 Feb 2012 12:48:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101581 A contributory of a company in liquidation may maintain an application to convene meetings for a compromise or arrangement, but the court must first be satisfied that the proposal is bona fide and prima facie feasible. Where the scheme gives no realistic basis for discharge of liabilities, omits material financial details, and appears designed to delay winding up, the court may refuse to convene meetings. The text also recognises that in liquidation a private sale of the undertaking may be ordered if it secures a reasonable price and better protects the creditors and estate; on the facts, the mill, land and buildings were directed to be sold privately on court-fixed terms. Case-Laws Companies Law Wed, 15 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101581