42. Power to dispense with meetings of creditors, etc
Notwithstanding anything to the contrary contained in sections 178A and 183 of the Indian Companies Act, 1913, the {Subs., ibid., s.4, for ” Court “.} [High Court] may, in the proceedings for winding up a banking company, dispense with any meetings of creditors or contributories or with the appointment of a committee of inspection if it considers that no object will be secured thereby sufficient to justify the delay and expense.[Subs.by Act 52 of 1953, s.8, for the original s.43.]
