M/S Integrated Finance Co.Ltd vs Reserve Bank Of India Etc.Etc

The Supreme Court allowed the appeals against the Madras High Court's order that set aside the sanction of a scheme of arrangement under Section 391 of the Companies Act, 1956. The Court emphasized that the scheme was initially approved by the learned Single Judge, and the Division Bench's decision to overturn this approval was found to be erroneous. The Court reinstated the Single Judge's order, thereby upholding the scheme of arrangement between the appellant company and its creditors, including deposit holders and bond holders.