https://www.taxtmi.com/caselaws?id=110328 A compromise and arrangement scheme was found deficient for non-compliance with statutory procedure governing notice, disclosures, creditor classification, and convening of meetings, and sanction was refused. The Court also questioned whether the supposed creditor majority was genuine and acting in good faith, noting doubts over secured creditors, the conduct of the meetings, and the chairman's conflicting interests; the approval could not be treated as a fair and informed commercial decision. On substance, the scheme was held neither fair nor reasonable, as it appeared aimed at protecting promoters and ex-directors, relied on unrealistic restructuring terms, and was contrary to law and public policy. en-us Wed, 19 Jan 2005 00:00:00 +0530 Mon, 16 Apr 2012 13:13:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110328 A compromise and arrangement scheme was found deficient for non-compliance with statutory procedure governing notice, disclosures, creditor classification, and convening of meetings, and sanction was refused. The Court also questioned whether the supposed creditor majority was genuine and acting in good faith, noting doubts over secured creditors, the conduct of the meetings, and the chairman's conflicting interests; the approval could not be treated as a fair and informed commercial decision. On substance, the scheme was held neither fair nor reasonable, as it appeared aimed at protecting promoters and ex-directors, relied on unrealistic restructuring terms, and was contrary to law and public policy. Case-Laws Companies Law Wed, 19 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110328