Arrangement without consideration S 391

expression 'arrangement' contemplates give and take between the parties and where there was no consideration, i.e. no give and take between the parties, same was not an arrangement under section 391 of the companies act and therefore not reconstruction capable of being sanctioned under section 391. [2001 105 SCL 301 (Guj)]

NOTE: This case has received adverse comments from commentators and senior counsels.