https://www.taxtmi.com/caselaws?id=111727 The Court approved the 'Scheme of Arrangement' between the petitioner company and its secured creditors under sections 391(1) and 394 of the Companies Act, 1956. The Scheme aimed to restructure the debt, reducing interest liability to 8.5% per annum. Despite initial objections, most were withdrawn, and remaining objectors failed to provide substantial evidence against the Scheme. The Court found no prejudice to shareholders, creditors, or public interest, approving the Scheme due to creditor acceptance, regulatory compliance, and alignment with legal requirements. The Scheme was deemed effective, with formal orders to be filed for registration within the prescribed period. en-us Mon, 24 Oct 2005 00:00:00 +0530 Tue, 24 Apr 2012 18:38:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111727 The Court approved the 'Scheme of Arrangement' between the petitioner company and its secured creditors under sections 391(1) and 394 of the Companies Act, 1956. The Scheme aimed to restructure the debt, reducing interest liability to 8.5% per annum. Despite initial objections, most were withdrawn, and remaining objectors failed to provide substantial evidence against the Scheme. The Court found no prejudice to shareholders, creditors, or public interest, approving the Scheme due to creditor acceptance, regulatory compliance, and alignment with legal requirements. The Scheme was deemed effective, with formal orders to be filed for registration within the prescribed period. Case-Laws Companies Law Mon, 24 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111727