The Companies Act, 1956
507. Application of section 494 to a creditors’ voluntary winding up.
The provisions of section 494 shall apply in the case of a creditors’ voluntary winding up as in the case of a members’ voluntary winding up, with the modification that the powers of the liquidator under that section shall not be exercised except with the sanction either of the 1[Tribunal] or of the committee of inspection.
1. Subs. by Act 11 of 2003, sec. 86, for “Court”.