517. Arrangement when binding on company and creditors .-
(1)Any arrangement entered into between a company about to be, or in the course of being, wound-up and its creditors shall, subject to the right of appeal under this section, be binding on the company and on the creditors if it is sanctioned by a special resolution of the company and acceded to by three-fourths in number and value of the creditors.(2)Any creditor or contributory may, within three weeks from the completion of the arrangement, appeal to the [Tribunal] against it and the [Tribunal] [ Substituted by Act 11 of 2003, Section 91, for " Court" .] may thereupon, as it thinks just, amend, vary, confirm or set aside the arrangement.
