1) The convening hearing where the court gives directions for one or more meeting(s) of creditors to be convened to consider the scheme and if thought fit approve it. The number of meetings depends on the number of classes of creditors which there are.

2) The sanction hearing which is held after the meeting(s) convened in 1) has been held and the scheme has been approved by the necessary majorities. At this hearing the court will decide whether in all the circumstances the scheme is fair and ought to be sanctioned.