114. Application to High Court for confirmation of business transfer scheme

Upon obtaining the approval of the Bank under subsection 112(6), the transferor and transferee may make an application to the High Court for confirmation of the business transfer scheme.

An application to the High Court with respect to any matter connected with a business transfer scheme may be made by a person, who in the opinion of the High Court, is likely to be affected by the scheme, at any time before the High Court grants an order under subsection (3) confirming the scheme.

The High Court may confirm the business transfer scheme by granting an order in the terms applied for, or with modifications to the terms applied, or refuse to confirm the scheme.

When the High Court makes an order confirming the business transfer scheme under subsection (3) after hearing all parties concerned, the High Court shall fix a date, to be applied for by the transferor and transferee and to be known as the transfer date, on which the business transfer scheme shall take effect.