Part III

COMPROMISE OR ABANDONMENT OF CLAIMS

164. Application for sanction of compromise. -

Every application for sanction of a compromise or arrangement referred to in clauses (ii) and (iii) of sub- section (1) of section 343 shall be accompanied by a copy of the proposed compromise or arrangement and shall be supported by an affidavit of the Company Liquidator, along with final report of the Advisory committee; stating that for the reasons set out in the affidavit he is satisfied that the proposed compromise or arrangement is beneficial to the company.