Section 263. Scheme to be binding
On and from the date of the coming into operation of the sanctioned scheme or any provision thereof, the scheme or such provision shall be binding on the sick company and the transferee company or, as the case may be, the other company and also on the employees, shareholders, creditors and guarantors of the said companies.
Omitted vide The Insolvency and Bankruptcy Code, 2016. To view the notification,Click Here