79.
Petition for confirming compromise or arrangement.- Where
the proposed compromise or arrangement is agreed to, with
or without modification, as provided by sub-section (2) of
section 391, the company, (or its liquidator, as the case
may be), shall within 7 days of the filing of the report by
the Chairman, present a petition to the Court for confirmation
of the compromise or arrangement. The petition shall be in
Form No. 40. Where a compromise or arrangement is proposed
for the purposes of or in connection with a scheme for the
reconstruction of any company or companies, or for the amalgamation
of any two or more companies, the petition shall pray for
appropriate orders and directions under section 394. Where
the company fails to present the petition for confirmation
of the compromise or arrangement as aforesaid, it shall be
open to any creditor or contributory as the case may be, with
the leave of the Court, to present the petition and the company
shall be liable for the costs thereof. Where no petition for
confirmation of the compromise or arrangement is presented,
or where the compromise or arrangement has not been approved
by the requisite majority under section 391(2) and consequently
no petition for confirmation could be presented, the report
of the Chairman as to the result of the meeting made under
the preceding rule shall be placed for consideration before
the Judge for such orders as may be necessary.
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