Rules and Regulations of India

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Section 205 – THE COMPANIES (COURT) RULES, 1959

205. Resolution of creditors’ meeting

At a meeting of creditors, a resolution shall be deemed to be passed, when a majority in number and value of’ the creditors present personally or by proxy, and voting on the resolution, have voted in favor of the resolution. In a winding-up by the Court, the value of a creditor shall, for the purposes of a first meeting of the creditors or of a meeting held under section 464, be deemed to be the value as shown in the books of the company, or the amount mentioned in his proof, whichever is less, and for the purposes of any other meeting, the value for which the creditor has proved his debt or claim.

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