274. Powers of court in relation to compromises

give directions in relation to a procedural requirement under this Part or waive or vary any such requirement, where the court is satisfied that it would be just to do so; or

where the court is satisfied that there is sufficient support from the creditors for approval of a compromise that has been proposed, order that during such time as may be specified in the order, beginning not earlier than the day on which notice was given of the proposed compromise and ending not later than twenty working days after the day on which notice is given of the result of the voting on it –

proceedings in relation to a debt owing by the company be stayed or restrained; and

a creditor refrain from taking any other measure to enforce satisfaction of a debt owing by the company, including enforcing an encumbrance or taking possession of or otherwise recovering property, except with the permission of the court.

insufficient notice of the meeting was given to that creditor, or there was a failure to comply with subsection (3) of section 271 with respect to that creditor;

there was some other material irregularity in obtaining approval of the compromise; or

in the case of a creditor who voted against the compromise, the compromise is unfairly prejudicial to, or unfairly discriminatory against, that creditor or the class of creditors to which that creditor belongs, the court may order that such creditor is not bound by the compromise, or make such other order as may be necessary.