Clause 149

subsections (1) and (2) were substituted with the following subsection:“(1) Where a compromise or an arrangement is proposed between a company and its creditors, the Court may on the application of the judicial manager order a meeting of creditors to be summoned in such manner as the Court directs.”;

subsections (3AA) and (3AB) were substituted with the following subsection:“(3AA) If three‑fourths in value of the creditors present and voting either in person or by proxy at the meeting agree to any compromise or arrangement, the compromise or arrangement shall, if approved by the Court, be binding on all the creditors and on the judicial manager.”; and

the references to “subsection (3AB)(c)” in subsections (5) and (6) were substituted with “subsection (3AA)”; and.