59. Power to dispense with consent of creditor on security being given for his debt.
Where a creditor entered on the list of creditors whose debt or claim is not discharged or deter- mined does not consent to the reduction, the Court may, if it thinks fit, dispense with the consent of that creditor, on the company securing payment of his debt or claim by appropriating, as the Court may direct, the following amount (that is to say),:-(i)if the company admits the full amount of his debt or claim, or, though not admitting it, is willing the provide for it, then the full amount of the debt or claim;(ii)if the company does not admit or is not willing to provide for the full amount of the debt or claim, or if the amount is contingent or not ascertained, then an amount fixed by the Court after the like inquiry and adjudication as if the company were being wound up by the Court.
