https://www.taxtmi.com/caselaws?id=219521 A compromise scheme under the Companies Act could be considered during a winding up proceeding, but it could not be sanctioned if it conflicted with Chapter IIIB of the Reserve Bank of India Act or sought to displace statutory and quasi-judicial orders. Reliefs aimed at vacating regulatory directions, or staying criminal and income tax proceedings, were outside scheme jurisdiction. Once those impermissible terms were removed, the proposal was found not bona fide, feasible or fair. The rejection of the scheme revived the winding up petition, which had to be examined afresh on its own merits. en-us Wed, 21 Nov 2012 00:00:00 +0530 Thu, 13 Dec 2012 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219521 A compromise scheme under the Companies Act could be considered during a winding up proceeding, but it could not be sanctioned if it conflicted with Chapter IIIB of the Reserve Bank of India Act or sought to displace statutory and quasi-judicial orders. Reliefs aimed at vacating regulatory directions, or staying criminal and income tax proceedings, were outside scheme jurisdiction. Once those impermissible terms were removed, the proposal was found not bona fide, feasible or fair. The rejection of the scheme revived the winding up petition, which had to be examined afresh on its own merits. Case-Laws Companies Law Wed, 21 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219521