Rules and Regulations of India

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Section 197 – THE COMPANIES (COURT) RULES, 1959

197. ‘Court meetings’, ‘Liquidator’s meetings’ and ‘Voluntary Liquidation meetings’

(1) In addition to the meetings of creditors and contributories which may be directed to be held by the Court under section 557, hereinafter referred to as Court meetings of creditors and contributories, the Official Liquidator may, in a winding-up by the Court, as and when he thinks fit, summon and hold meetings of the creditors and contributories, hereinafter referred to as Liquidator’s meetings of creditors and contributories, for the purpose of ascertaining their wishes in all matters relating to the winding-up and such meetings shall be summoned, held and conducted in the manner provided by these rules and subject to the control of the Court.

 

(2) In a creditors’ voluntary winding-up, the liquidator may himself from time to time summon, hold and conduct meetings of creditors for the purpose of ascertaining their wishes in all matters relating to the winding-up- (Such meetings and all meetings of creditors which a liquidator of a company is by the Act required to convene in or immediately before such a voluntary winding-up and all meetings convened by a creditor in a voluntary winding-up under these rules are hereinafter called voluntary liquidation meetings).

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