Section 427, The Companies Act, 2009

(1) Any arrangement entered into between a companyabout to to be, or is in the course of being wound up and its creditors shall, subject to the right of appeal under this section, be binding- (a) on the company if sanctioned by an extraordinary resolution, and (b) on the creditors if acceded to by three-fourths in number and value of the creditors. (2) Any creditor or contributory may, within 3 weeks from the completion of the arrangement, appeal to the court against it and the court may, as it thinks just, amend, vary or confirm the arrangement.