Rule 271 - Application for sanction of compromise. - Company Court Rules, 1959

Application for sanction of compromise. 271. Every application for sanction of a compromise or arrangement with any person under clauses (ii) and (iii) of sub-section (1) of section 546 shall be accompanied by a copy of the proposed compromise or arrangement and shall be supported by an affidavit of the Liquidator stating that for reasons set out in the affidavit he is satis fied that the proposed compromise or arrangement is beneficial to the company. The Court may, if it thinks fit, direct notice of the application to be given to the Committee of Inspection, if there is one, and to such other persons as it may think fit.