- If within half an hour from the time appointed for the meeting a quorum of creditors or contributors as the case may be is not present or represented the meeting shall be adjourned to the same day in the following week at the same time and place and if at such adjourned meeting the quorum is not present at least two creditors or contributors present in person shall form the quorum and may transact the business for which the meeting was convened:Provided that if at the adjourned meeting also two creditors or contributors as the case may be are not present the chairman of the meeting shall submit his report to the Tribunal for such directions as the Tribunal may deem fit.
