Section 42 : Power to dispense with meetings of creditors, etc. | The Banking Regulation Act, 1949

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.

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).

Power to Dispense with Meetings of Creditors, Etc.

Power to Dispense with Meetings of Creditors, Etc.