https://www.taxtmi.com/caselaws?id=106710 A compromise and arrangement scheme for restructuring company debts was examined under section 391 of the Companies Act, 1956. Foreign currency secured lenders were held not to form a separate class because the scheme applied identical terms to all secured creditors. The company's status as a relief undertaking did not bar the Company Court from entertaining the sanction petition, as the notification suspended remedies but not the court's supervisory jurisdiction. Conditional votes were treated as invalid for counting the statutory majority, and the scheme nonetheless met the required numerical threshold. Allegations of fraud, public policy, unfairness, and past transactions did not defeat sanction where the scheme was fair, lawful, and supported by creditors' commercial wisdom. en-us Mon, 08 Apr 2002 00:00:00 +0530 Thu, 15 Mar 2012 13:09:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106710 A compromise and arrangement scheme for restructuring company debts was examined under section 391 of the Companies Act, 1956. Foreign currency secured lenders were held not to form a separate class because the scheme applied identical terms to all secured creditors. The company's status as a relief undertaking did not bar the Company Court from entertaining the sanction petition, as the notification suspended remedies but not the court's supervisory jurisdiction. Conditional votes were treated as invalid for counting the statutory majority, and the scheme nonetheless met the required numerical threshold. Allegations of fraud, public policy, unfairness, and past transactions did not defeat sanction where the scheme was fair, lawful, and supported by creditors' commercial wisdom. Case-Laws Companies Law Mon, 08 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106710