Insignia Financial (ASX:IFL) said the Federal Court of Australia ordered that the firm hold a meeting of its shareholders to consider and vote on a scheme of arrangement for the proposed acquisition of the company by CC Capital Partners, according to a Monday Australian bourse filing.

The court also made orders approving the distribution of a booklet providing information on the scheme and the independent expert's report to the firm's shareholders, the filing said.

The independent expert's report concludes that scheme is fair and reasonable and in the best interests of the company's shareholders, the filing added.

IFL's board unanimously recommends that its shareholders vote in favor of the scheme in the absence of a superior proposal and subject to the expert backing the conclusion, the company said.

The scheme meeting is scheduled for April 13, the filing added.