https://www.taxtmi.com/caselaws?id=106583 The Court clarified that a meeting of creditors may not be necessary for a scheme of arrangement between a company and its members if it does not impact creditors adversely. However, if creditors are affected, the Court should convene a meeting unless majority consent is obtained. The judgment highlighted the Court's discretion under section 391 of the Companies Act, 1956, to protect creditors' interests and emphasized the need to safeguard creditors' rights through undertakings, such as granting a hearing to objecting creditors and ensuring transparency in the process. en-us Fri, 21 Dec 2001 00:00:00 +0530 Wed, 14 Mar 2012 17:50:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106583 The Court clarified that a meeting of creditors may not be necessary for a scheme of arrangement between a company and its members if it does not impact creditors adversely. However, if creditors are affected, the Court should convene a meeting unless majority consent is obtained. The judgment highlighted the Court's discretion under section 391 of the Companies Act, 1956, to protect creditors' interests and emphasized the need to safeguard creditors' rights through undertakings, such as granting a hearing to objecting creditors and ensuring transparency in the process. Case-Laws Companies Law Fri, 21 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106583