Section 321- Arrangement when binding on company and creditors.
Prior to Omission w.e.f 15.11.2016, Section 321 read as under:
Section 321- Arrangement when binding on company and creditors. [Corresponds to Section 517 of the Companies Act, 1956]
(1) Any arrangement other than the arrangement referred to in section 319 entered into between the company which is about to be, or is in the course of being wound up and its creditors shall be binding on the company and on the creditors if it is sanctioned by a special resolution of the company and acceded to by the creditors who hold three-fourths in value of the total amount due to all the creditors of the company.
(2) Any creditor or contributory may, within three weeks from the completion of the arrangement, apply to the Tribunal and the Tribunal may thereupon amend, vary, confirm or set aside the arrangement.