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2010 (5) TMI 655 - ALLAHABAD HIGH COURTScheme of arrangement between the company and its creditors for its nourishment and rehabilitation - irreparable loss – application for grant of stay of general nature staying all proceedings pending in various tribunals and forums for winding up, recoveries of debts and other proceedings regarding non-payment of amounts by the company, commencement or continuation of any suit or proceeding against the applicant-company or its directors, employees, officers and ex-employees in connection with the affairs of the applicant-company. - Held that:- application does not contain any foundation so as to establish that the balance of convenience is in favour of the applicant-company and that it would suffer irreparable loss in the event interim stay of the proceedings is not granted. It may be true to some extent that as the proposal of the applicant-company for its rehabilitation has been carried out in the two meetings it may be justified in saying that it had succeeded in establishing a prima facie case. However, with regard to the balance of convenience and irreparable loss, the manner in which the above referred pending proceedings of the civil nature or those likely to be commenced are going to affect the cause of the applicant-company vis-a-vis proposed scheme is not clear, application is accordingly rejected
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