42. Power to dispense with meetings of creditors, etc.
Notwithstanding anything to the contrary contained in [[section 460] [Substituted by Act 95 of 1956, Section 14 and Sch., for " section 178-A and 183 of the Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 14.1.1957).] of the Companies Act, 1956 (1 of 1956)], the [High Court] [Substituted by Act 52 of 1953, Section 4, for " Court" .] may, in the proceedings for winding up a banking company, dispense with any meetings of creditors or contributors [* * *] [The words " or with the appointment of a committee of inspection" omitted by Act 1 of 1984, Section 33 (w.e.f. 15.2.1984).] if it considers that no object will be secured thereby sufficient to justify the delay and expense.
