P.K. Misra, J.

Company Petition No.160 of 2005 was filed under Section 391 of the Companies Act, 1956 (hereinafter referred to as “the Act”) by M/s. Integrated Finance Company Limited (hereinafter referred to as “the Company”), a private company incorporated under the Companies Act, for getting approval of the Scheme of arrangement/compromise between the said company and some of the creditors, namely, the deposit holders and bond holders.

1.1 The Company is a non-banking finance company incorporated under the Act and engaged in the business of hire purchase and lease. Expressing its inability to carry on its business on account of various factors, the Company presented a Scheme under Section 391 of the Act for an arrangement / compromise with the class of creditors, namely, the bond holders and deposit holders.

1.2 The salient features of the Scheme as contained in such petition are to the following effect :-

"4. PAYMENTS TO FIXED DEPOSIT HOLDERS / BOND HOLDERS

4.1 The Company would settle all the deposit holders up to maturity value of Rs.20,000/- as and when it falls due.

4.2 The scheme would provide for the following.

(a) Conversion of all the deposit holders and bond