https://www.taxtmi.com/caselaws?id=110142 The court granted the application under section 391 of the Companies Act, 1956, directing the convening of a meeting of secured creditors of the applicant company to consider a proposed scheme of compromise. The court found it necessary to restructure debts in the best interest of the company and its creditors to prevent liquidation. Detailed instructions were given for the meeting process, including advertising, notice sending, appointment of a Chairman, proxy voting, creditor valuation, and reporting requirements. The Chairman was tasked with overseeing the meeting procedures and reporting the outcome to the court within a specified timeframe. en-us Fri, 12 Aug 2005 00:00:00 +0530 Fri, 13 Apr 2012 18:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110142 The court granted the application under section 391 of the Companies Act, 1956, directing the convening of a meeting of secured creditors of the applicant company to consider a proposed scheme of compromise. The court found it necessary to restructure debts in the best interest of the company and its creditors to prevent liquidation. Detailed instructions were given for the meeting process, including advertising, notice sending, appointment of a Chairman, proxy voting, creditor valuation, and reporting requirements. The Chairman was tasked with overseeing the meeting procedures and reporting the outcome to the court within a specified timeframe. Case-Laws Companies Law Fri, 12 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110142