( 1 ) THIS Petition under Section 391 (1) of the Companies Act (herein after referred to as the act) has been filed by Arvind Mills Limited (herein after referred to as the "company" ), seeking sanction to the Scheme of Restructuring of its debts, floated by the creditors. THE Company was incorporated on 1-6-1931 as a Public Limited Company to carry on business of spinning, weaving, manufacturing, dealing in cotton or other fabrics, substances and the preparation, dyeing or colouring of any of the said substances and the sale of yarn cloth or other manufactured fabrics and products and to carry on the business namely cotton spinners etc; that the Company had the authorised issued and subscribed share capital running into crores of rupees and issued equity shares of Rs. 100,54,99,450. 00 with redeemable cumulative and non-convertable preference shares etc; that the Company and its associated textile companies employed over 10,000 persons in and around the city of Ahmedabad making them a largest private sector employer in the State of Gujarat; that the petitioner Company earned profit for pretty long time; that the Company obtained borrowings/credits from various Banks