Section 232 — Companies Act 1993: Powers of Court

232 Powers of Court (1) On the application of the proponent or the company, the Court may— (a) Give directions in relation to a procedural requirement imposed by this Part of this Act, or waive or vary any such requirement, if satisfied that it would be just to do so; or (b) Order that, during a period specified in the order, beginning not earlier than the date on which notice was given of the proposed compromise and ending not later than 10 working days after the date on which notice was given of the result of the voting on it,— (i) Proceedings in relation to a debt owing by the company be stayed; or (ii) A creditor refrain from taking any other measure to enforce payment of a debt owing by the company. (2) Nothing in subsection (1)(b) of this section affects the right of a secured creditor during that period to take possession of, realise, or otherwise deal with, property of the company over which that creditor has a charge. (3) If the Court is satisfied, on the application of a creditor of a company who was entitled to vote on a compromise that— (a) Insufficient notice of the meeting or of the matter required to be notified under section 229 of this Act was given to that creditor; or (b) There was some other material irregularity in obtaining approval of the compromise; or (c) In the case of a creditor who voted against the compromise, the compromise is unfairly prejudicial to that creditor, or to the class of creditors to which that creditor belongs,— the Court may order that the creditor is not bound by the compromise or make such other order as it thinks fit. (4) An application under subsection (3) of this section must be made not later than 10 working days after the date on which notice of the result of the voting was given to the creditor.