Section 42 Banking Regulation Act: Power to dispense with meetings of creditors, etc

Section 42: Power to dispense with meetings of creditors, etc

Notwithstanding anything to the contrary contained in ¹[ ²[section 460] of the Companies Act, 1956 (1 of 1956)], the ³[High Court] may, in the proceedings for winding up a banking company, dispense with any meetings of creditors or contributories ⁴*** if it considers that no object will be secured thereby sufficient to justify the delay and expense.

Footnotes in the official text

1.Subs. by Act 95 of 1956, s. 14 and Sch., for “sections 178A and 183 of the Indian Companies Act, 1913 (7 of 1913)” (w.e.f. 14-1-1957).
2.Subs. by Act 1 of 1984, s. 33, for “sections 460, 464, and 465” (w.e.f. 15-2-1984).
3.Subs. by Act 52 of 1953, s. 4, for “Court” (w.e.f. 30-12-1953).
4.The words “or with the appointment of a committee of inspection” omitted by Act 1 of 1984, s. 33 (w.e.f. 15-2-1984).