Sri Lanka Consolidated Acts

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Companies Act (No. 17 of 1982) - Sect 336

Arrangement when binding on creditors

336.
(1) Any arrangement entered into between a company, about to be, or in the course of being, wound up and its creditors shall, subject to the right of appeal under the provisions of this section, be binding on the company where sanctioned by an extraordinary resolution, and on the creditors where acceded to by three-fourths the number and value of the creditors.
(2) Any creditor or contributory may, within three weeks from the completion of the arrangement, appeal to the court against such arrangement, and the court may thereupon, as it thinks just, amend, vary or confirm the Arrangement


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