Companies Act, 1956
Section - 391 - Power to compromise or make arrangements with creditors and members
Power to compromise or make arrangements with creditors and members.391. (1) Where a compromise or arrangement is proposed— (a) between a company and its creditors or any class of them; or (b) between a company and its members or any class of them;the [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 called, held and conducted in such manner as the [Tribunal] directs.(2) If a majority in number representing three-fourths in value of the creditors, or class of creditors, or members, or class of members, .... To read the full section download the app from Google Play store
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