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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 494 of Companies Act, 1956: Liquidator needs Tribunal or committee approval in creditors' voluntary winding up.</h1> The provisions of section 494 of the Companies Act, 1956, apply to a creditors' voluntary winding up similarly to a members' voluntary winding up. However, in a creditors' voluntary winding up, the liquidator's powers under this section can only be exercised with the approval of either the Tribunal or the committee of inspection. This modification ensures that the liquidator's actions are subject to oversight in the context of creditors' interests.
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