Lawgist42Power to dispense with meetings of creditors, etc
Notwithstanding anything to the contrary contained in 1[ 2[section 460] of the Companies Act, 1956 (1 of 1956)], the 3[High Court] may, in the proceedings for winding up a banking company, dispense with any meetings of creditors or contributories 4*** if it considers that no object will be secured thereby sufficient to justify the delay and expense.
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1. Subs. by Act 95 of 1956, s. 14 and the Schedule, for "sections 178A and 183 of the Indian Companies Act 1913 (7 of 1913)" (w.e.f. 14-1-1957).
2. Subs. by Act 1 of 1984, s. 33, for "sections 460, 464, and 465" (w.e.f. 15-2-1984).
3. Subs. by Act 52 of 1953, s. 4, for "Court" (w.e.f. 30-12-1953).
4. The words "or with the appointment of a committee of inspection" omitted by Act 1 of 1984, s. 33 (w.e.f. 15-2-1984).
- 36B High Court defined
- 37 Suspension of business
- 38 Winding up by High Court
- 38A Court liquidator
- 39 Reserve Bank to be official liquidator
- 39A Application of Companies Act to liquidators
- 40 Stay of proceedings
- 41 Preliminary report by official liquidator
- 41A Notice to preferential claimants and secured and unsecured creditors
- 42 Power to dispense with meetings of creditors, etc
- 43 Booked depositors' credits to be deemed proved
- 43A Preferential payments to depositors
- 44 Powers of High Court in voluntary winding up
- 44A Procedure for amalgamation of banking companies
- 44B Restriction on compromise or arrangement between banking company and creditors
- 45 Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation
