https://www.taxtmi.com/caselaws?id=112714 In considering sanction of a compromise and arrangement under the Companies Act, the Court held that majority approval is not conclusive and the scheme must still be fair, just, reasonable, lawful, and supported by bona fide class voting. The objections to the assignee creditor's status, the adequacy of the assignment consideration, and the need for a separate class meeting were not accepted as grounds to refuse sanction. However, the treatment of the dissenting secured creditor was found unfair, so the scheme was sanctioned with modifications to revise the outstanding amount, provide interest, and adjust repayment and conversion terms to protect that creditor. en-us Mon, 24 Nov 2008 00:00:00 +0530 Mon, 24 Nov 2014 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112714 In considering sanction of a compromise and arrangement under the Companies Act, the Court held that majority approval is not conclusive and the scheme must still be fair, just, reasonable, lawful, and supported by bona fide class voting. The objections to the assignee creditor's status, the adequacy of the assignment consideration, and the need for a separate class meeting were not accepted as grounds to refuse sanction. However, the treatment of the dissenting secured creditor was found unfair, so the scheme was sanctioned with modifications to revise the outstanding amount, provide interest, and adjust repayment and conversion terms to protect that creditor. Case-Laws Companies Law Mon, 24 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112714