https://www.taxtmi.com/caselaws?id=110741 Pendency of proceedings before the AAIFR did not, by itself, oust the High Court's jurisdiction to sanction a scheme of arrangement under section 391 of the Companies Act, 1956, because the two regimes operated in different spheres and the rehabilitation scheme was not inconsistent with sick-company law; jurisdiction was retained. The schemes for specified secured and unsecured creditors were approved by the requisite statutory majorities, involved homogeneous creditor classes on the same terms, and were found fair, reasonable, and not contrary to public interest; they were sanctioned. The Court refused to approve any term purporting to extinguish guarantors' liability, since section 391 could not alter independent guarantee obligations without the guarantees being specifically before the Court; that relief was declined. en-us Mon, 13 Feb 2006 00:00:00 +0530 Wed, 18 Apr 2012 14:26:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110741 Pendency of proceedings before the AAIFR did not, by itself, oust the High Court's jurisdiction to sanction a scheme of arrangement under section 391 of the Companies Act, 1956, because the two regimes operated in different spheres and the rehabilitation scheme was not inconsistent with sick-company law; jurisdiction was retained. The schemes for specified secured and unsecured creditors were approved by the requisite statutory majorities, involved homogeneous creditor classes on the same terms, and were found fair, reasonable, and not contrary to public interest; they were sanctioned. The Court refused to approve any term purporting to extinguish guarantors' liability, since section 391 could not alter independent guarantee obligations without the guarantees being specifically before the Court; that relief was declined. Case-Laws Companies Law Mon, 13 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110741