Proposers of Camp;A scheme allowed to submit revised scheme as not opportunity was given to them to clarify scheme

COMPANY LAW : Scheme for Compromise or Arrangement submitted under section 230 ought to have consent of not less than 75 per cent of secured creditors, and an affidavit to that effect ought to accompany with Scheme and obligation to obtain consent of 75 per cent of creditors is on person who proposes Scheme; where no opportunity was provided to proposers to explain and clarify their scheme, they were to be allowed time to submit revised scheme.COMPANY LAW : Scheme for Compromise or Arrangement submitted under section 230 ought to have consent of not less than 75 per cent of secured creditors, and an affidavit to that effect ought to accompany with Scheme and obligation to obtain consent of 75 per cent of creditors is on person who proposes Scheme; where no opportunity was provided to proposers to explain and clarify their scheme, they were to be allowed time to submit revised scheme.www.taxmann.com Latest Case LawsRead More

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