Power to compromise or make arrangements with creditors and members.

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....of them; or      (b) between a company and its members or any class of them; the ^[1][Tribunal] may, on the application of the company or of any creditor or member of the company, or, in the case of a company which is being wound up, of the liquidator, order a meeting of the creditors or class of creditors, or of the members or class of members, as the case may be, to be ....

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....bsp;  [5][Provided that no order sanctioning any compromise or arrangement shall be made by the ^[6][Tribunal] unless the ^[7][Tribunal] is satisfied that the company or any other person by whom an application has been made under sub-section (1) has disclosed to the ^[8][Tribunal], by affidavit or otherwise, all material facts relating to the company, such as the latest financial position of ....

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.... and every officer of the company who is in default, shall be punishable with fine which may extend to ^[10][one hundred rupees] for each copy in respect of which default is made.     (6) The ^[11][Tribunal] may, at any time after an application has been made to it under this section, stay the commencement or continuation of any suit or proceeding against the company on such term....

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..... [6] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [7] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [8] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [9] Substituted for "Court" by the Companies (Second Amendm....