Section-354: Meetings to Ascertain Wishes of Creditors or Contributories

Notified Date of Section: 7/12/2016

 Effective Date: 15/12/2016

Meetings to Ascertain Wishes of Creditors or Contributories.

354. (1) In all matters relating to the winding up of a company, the Tribunal may—
(a) have regard to the wishes of creditors or contributories of the company, as proved to it by any sufficient evidence;
(b) if it thinks fit for the purpose of ascertaining those wishes, direct meetings of the creditors or contributories to be called, held and conducted in such manner as the Tribunal may direct; and
(c) appoint a person to act as chairman of any such meeting and to report the result thereof to the Tribunal.

(2) While ascertaining the wishes of creditors under sub-section (1), regard shall be had to the value of each debt of the creditor.

(3) While ascertaining the wishes of contributories under sub-section (1), regard shall be had to the number of votes which may be cast by each contributory.