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TMI Blog2001 (3) TMI 898X X X X Extracts X X X X X X X X Extracts X X X X ..... and 3 have supplied tobacco to National Tobacco Ltd., Duncan Agro Industries Ltd. and National Tobacco Limited referred to as DAIL and NTC in the judgment were amalgamated, by a scheme of merger which had been duly sanctioned by an order dated 18-1-1978, of the court. Thereafter, the appellants supplied tobacco to one TABAC impleaded in the petition, and DAIL, on the understanding or arrangement according to the appellants that DAIL would be responsible for payment for the supplies, though invoices would be raised upon TABAC or the Tobacco Division of DAIL. A sum of Rs. 60,24,689.32 it had been contended by the appellants had become due and payable by DAIL to the appellants after giving credit for all earlier payments. Refusal, failure and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt as it may consider necessary for the proper working of the compromise or arrangement. (2) If the court aforesaid is satisfied that a compromise or arrangement sanctioned under section 391 cannot be worked satisfactorily with or without modifications, it may, either on its own motion or on the application of any person interested in the affairs of the company, make an order winding up the company, and such an order shall be deemed to be an order made under section 433 of this Act. (3) The provisions of this section shall, so far as may be, also apply to a company in respect of which an order has been made before the commencement of this Act under section 153 of the Indian Companies Act, 1913 (7 of 1913), sanctioning a compromise or an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the scheme for the proper working of the compromise or arrangement. The only limitation on the power of the court, as already mentioned, is that all such directions that the court may consider appropriate to give or make such modifications in the scheme, must be for the proper working of the compromise and/or arrangement." (p. 351) 4. Clearly, therefore, the provisions of section 392 could be invoked strictly to ensure effective working of the compromise and/or arrangement. Indeed the High Court has been conferred power of widest amplitude, to monitor and effect the purpose. It is significant that there was no allegation by the appellant that the sanctioned scheme was not properly working, or that the scheme should be set aside. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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