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of <h1>Section 503: Creditors Can Appoint Inspection Committee During Company Winding-Up, Tribunal May Intervene if Needed.</h1> Section 503 of the Companies Act, 1956, outlines the appointment of a committee of inspection during the winding up of a company. Creditors can appoint up to five persons to this committee during meetings held under section 500 or subsequent meetings. The company may also appoint up to five members at the meeting where the voluntary winding-up resolution is passed or later. Creditors can resolve to exclude any company-appointed members unless directed otherwise by the Tribunal. The Tribunal can appoint other members if necessary. The section's provisions align with those for a Tribunal-appointed inspection committee, subject to Central Government rules.
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