CREDITORS MEETING:
The company shall cause the creditors meeting of the company to be called for the day, or the following next day, on which there is to be held the company general meeting for voluntary winding up at which resolution is to be proposed, and shall cause the creditors meetings by post to be sent simultaneously by the creditors with the sending of the meeting of the company notices.
The company shall cause the creditors meeting to be advertised in the Official Gazette at least once and at least once in the two newspapers circulating in the district where the registered office or principal place of company business is situated.
The company board directors shall
a, cause a full statement of the company’s affair position together with a list of the creditors of the company and the amount estimated of their claims to be laid before the creditors meeting as aforesaid to be held; and
appoint one of their member at the said meeting to preside.
It shall be duly of the appointed director to preside at the creditors meeting to attend the meeting and thereat preside.
If the company meeting at which the resolution for winding up voluntary is adjourned is to be proposed and is passed the resolution at an adjourned meeting, any resolution passed at the creditors meeting of sub-section(1) held in pursuance shall have effect as if it had been immediately passed after the resolution passing for the company winding up. (6) If default is made-
a, by the company, in complying with sub-sections (1) and (2).
by its director’s board, in complying with sub-section(3);
by any company director, in complying with sub-section (4);
the company, each of the directors, or the director, maybe as the case, with fine, shall be punishable that may extend to (ten) thousand rupees and, in the default case by the company, every company officer who is in default, shall be liable to the like punishment.
Resolutions notice passed by Creditor’s meeting to be given to Registrar.
Any passed resolution notice at a creditor’s meeting of section 500 in pursuance by the company shall be given to the Registrar for registration within ten days of thereof passing.
If the default is with sub-section (1) in complying every officer and the company, and every company officer who is in default, shall be punishable with the fine that may extend to rupees five hundred for every day during which the default continues.
For this section purpose, a company liquidator shall be deemed to be a company officer.
502. Liquidator appointment:
The company and their respective meetings of the creditor mentioned in section 500 may nominate to be a liquidator a person for the purpose of winding up the affairs and distributing the company affairs assets.
If the creditors and nominate different persons of the company, the nominated person shall be liquidator by the creditors.
Provided that any member, director or the company creditor may, within seven days after the date on which the creditors made the nomination, apply to the (Tribunal) for an order either directing the nominated person by the company as the liquidator shall be a liquidator instead of or jointly by the creditors with the nominated person, or appointment of the Liquidator Officer or to be liquidator some other person.
If no person by the creditors is nominated, if any, the person, nominated by the company shall be liquidator. (4). If no person by the company is nominated, the person, if any by the creditors nominated shall be a liquidator.
503. Committee Inspection Appointment.
At the meeting creditors to be held of section 500 in pursuance or at any may subsequent meeting, if they think fit, appoint an inspection committee consists of not more than more person.
If such an appointed committee, the company may, either at the meeting at which the voluntary winding up resolution is passed or at any subsequent general meeting, appoint persons such members (not exceeding five) as they think fit to act as the committee members.
Provided that creditors may, if they think fit, resolve all that or any of the persons by the company appointed ought not to members of inspection of the committee.
If the creditors to solve, the mentioned persons shall no in the resolution, unless direct otherwise be qualified as the committee members to act.
On any application to the Tribunal under sub-section (3) for the direction the (Tribunal) my, if it thinks fit, appoint other persons as the committee members to act of inspection in the place of persons in the resolution of the creditors mentioned.
The subject of sub-sections (1) to (4) provisions and such rules as may be made by the Central Government, the section 465 provisions (except sub-section (1) thereof ) shall apply with respect of appointed committee of inspection under this section as they apply to a committee respect of appointed inspection under this section as they apply with respect to inspection committee under this section as they apply to an inspection committee with respect in a winding up by the Tribunal.
504. Liquidators remuneration fixing.
The inspection committee or if there is no such committee, the creditors may fix to be paid by the remuneration to the liquidators or liquidator.
Where the remuneration is no fixed, it shall be determined by the (Tribunal).
Any fixed remuneration under sub-section (1) or (2) shall not be increased whatever in any circumstances whether with or without the sanction terminal.
505. Board’s Power on a Liquidator Appointment to cease.
On the liquidator appointment, all the board of directors powers shall cease, except insofar as an inspection committee or if there is no such committee, the general meeting creditors, the continuance thereof may sanction.
506.Powers to fill Vacancy of the liquidator in Office.
If a vacancy occurs by death, otherwise or resignation, of a liquidator in the office( other than a liquidator appointed by, or of by the direction of, the (Tribunal), the creditors in general meeting may fill the vacancy.
507. Section Application 494 to A Creditor’s voluntary Winding Up.
The section 494 provisions shall apply in the creditors’ voluntary winding up as a member’s in the case voluntary winding up, with the modification that the liquidator’s powers under that section shall not be
