Section 141 – THE COMPANIES (COURT) RULES, 1959

141. Official Liquidator to report result of meeting and apply for directions

(1) As soon as possible after the holding of the said meetings, the Official Liquidator shall report the result thereof to the Court. Such report shall be in Form No. 61.

 

(2) Where the meeting of the ‘contributories has accepted in its entirety the decision of the creditors’ meeting as regards the constitution and composition of a Committee of Inspection and the persons who are to be members thereof, a Committee shall, subject to the provisions of section 465(1), be constituted in accordance with such decision, and the Official Liquidator shall set out in his report the names of the members of the Committee so constituted.

 

(3) Where the meeting of the contributories has not accepted the decision of the creditors’ meeting in its entirety, the Official Liquidator shall, at the time of making his report as aforesaid, apply to the Court for directions as to whether there shall he a Committee of Inspection, and if so, what shall be its composition, and who shall be the members thereof, and the Court shall thereupon fix a date for the consideration of the resolutions and determinations of the meetings, of the creditors and contributories. Notice of the date so fixed shall be advertised by the Official Liquidator in such manner as the Court shall direct not less than 7 days before the date fixed. The advertisement shall be in Form No. 62.

 

(4) On the date fixed for hearing of the said application for directions, the Court may, after hearing the Official Liquidator and any creditor or contributory who may appear, appoint a Committee of Inspection, or dispense with the appointment of a Committee of’ Inspection, or pass such orders or give such directions in the matter, as the Court may think fit.

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