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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Liquidators must call a creditors' meeting if debts aren't paid within the period under Section 495, Companies Act.</h1> Under the Companies Act, 1956, Section 495 mandates that if a liquidator, during the winding-up process, believes a company cannot pay its debts in full within the declared period or that the period has expired without full payment, they must promptly convene a creditors' meeting. At this meeting, the liquidator must present a statement of the company's assets and liabilities. Failure to do so results in a fine of up to five thousand rupees, as amended by the Companies (Amendment) Act, 2000.
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