https://www.taxtmi.com/caselaws?id=114085 In scheme of arrangement proceedings, an assignee bank's objection to voting rights was not treated as decisive while the assignment dispute remained pending, and the scheme was found to retain the requisite majority of secured creditors. The arrangement was also accepted as fair, reasonable and bona fide, and not contrary to public interest, because it had approval from shareholders and creditors and addressed the Central Government's objections as part of a revival and restructuring exercise. The scheme was therefore fit for sanction, and the related applications became unnecessary. en-us Fri, 16 May 2008 00:00:00 +0530 Mon, 08 Dec 2014 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114085 In scheme of arrangement proceedings, an assignee bank's objection to voting rights was not treated as decisive while the assignment dispute remained pending, and the scheme was found to retain the requisite majority of secured creditors. The arrangement was also accepted as fair, reasonable and bona fide, and not contrary to public interest, because it had approval from shareholders and creditors and addressed the Central Government's objections as part of a revival and restructuring exercise. The scheme was therefore fit for sanction, and the related applications became unnecessary. Case-Laws Companies Law Fri, 16 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114085