https://www.taxtmi.com/caselaws?id=103619 The court dismissed the petition for the scheme of compromise/arrangement under sections 391 and 394 of the Companies Act, 1956, due to lack of bona fides, improper constitution of creditor classes, and misleading conduct by the petitioner. The court found interconnected entities under the same management, including unsecured creditors, questionable. The scheme aimed to profit from property sale and defeat MSSIDC's decree. Meetings were adjourned to manipulate approvals, and crucial facts were suppressed. The court ruled against the petitioner, awarding costs to the opposing party. en-us Tue, 17 Mar 1998 00:00:00 +0530 Fri, 16 Mar 2018 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103619 The court dismissed the petition for the scheme of compromise/arrangement under sections 391 and 394 of the Companies Act, 1956, due to lack of bona fides, improper constitution of creditor classes, and misleading conduct by the petitioner. The court found interconnected entities under the same management, including unsecured creditors, questionable. The scheme aimed to profit from property sale and defeat MSSIDC's decree. Meetings were adjourned to manipulate approvals, and crucial facts were suppressed. The court ruled against the petitioner, awarding costs to the opposing party. Case-Laws Companies Law Tue, 17 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103619