Wednesday, October 17, 2012

Meeting of Creditors

Meeting of Creditors

Salient feature
# An application must be made to the High Court for direction to hold meeting of creditors
# The High Court may order a meeting of creditor.
# Holding of meeting of creditor as per the High Court order.
# Scheme of compromise or arrangement must be approved by 3/4th in value of creditors
# An approved scheme duly sanctioned by High Court in binding on all the creditor.
# Meeting of creditor on voluntary winding up
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