79. Powers of the court.

Where, on an application challenging the creditors' decision1, the court is satisfied that either the voluntary arrangement unfairly prejudices the interests of a creditor or there has been some material irregularity2, it may do one or both of the following, namely:

  1.  

    (1)     revoke or suspend any approval given by a decision of the debtor's creditors3;

  2.  

    (2)     direct any person to seek a decision from the debtor's4 creditors (using a creditors' decision procedure) as to whether they approve any revised proposal the debtor may make, or in a case where there has been some material irregularity in relation to a

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