Thu 01/20/2022 05:24 AM
Smile Telecoms Restructuring Plan
Last week, Smile Telecoms became the first company to seek and obtain a convening order for a restructuring plan under section
901C(4) of the Companies Act, 2006. The hitherto unused statutory provision allowed Smile to exclude its “out-of-the-money” creditor and member classes who did not have a genuine economic interest in the company from voting on the plan.
The key guidance for s901C(4) following Justice Miles’ oral judgment from Smile’s...
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