Central Act
42
Section 42. Power to dispense with meetings of creditors, etc.
The Banking Regulation Act, 1949
In forceAll India (Central Act)
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.