INFRASTRUCTURE LEASING &FIN.SERVICES LTD vs B.P.L. LIMITED

The Supreme Court addressed the application filed by BPL Limited under Section 391(1) of the Companies Act, 1956, seeking permission to hold a meeting for the approval of a compromise or arrangement with creditors. The Court emphasized that the scheme of arrangement must comply with statutory requirements and that the Memorandum of Association must authorize such arrangements. The Court ultimately upheld the lower court's decision, allowing the meeting to proceed, thereby facilitating the restructuring of BPL Limited's operations.