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2018 (7) TMI 871 - HC - Companies LawApproval of a Scheme of Compromise and Arrangement between the applicant and a class of its creditors - Held that:- There are serious doubts about the manner in which the ex-directors have conducted their business. There are grave allegations about the ex-directors having sold immovable properties and received proceeds in their own accounts. They have also failed to hand over possession of all the flats/properties, vehicles, plant & machinery and cash in hand belonging to the company in liquidation to the OL. Clearly, the scheme lacks bona fide. It cannot be termed to be just, fair and reasonable. There is no cogent mechanism on record to show how the dues of the unsecured creditors is to be paid off. In fact the scheme cannot be even said to be a scheme as it fails to define a proper class of creditors. I accordingly dismiss the present application.
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