Wishes of creditors and contributories: Tribunal may call and conduct meetings to ascertain preferences and appoint chairmen. Section 557 authorises the Tribunal to ascertain the wishes of creditors and contributories in winding up by accepting evidence, directing and prescribing the conduct of meetings of creditors or contributories, and appointing a chairman to report results. In ascertaining wishes the Tribunal must regard the value of each creditor's debt and the number of votes each contributory may cast.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Wishes of creditors and contributories: Tribunal may call and conduct meetings to ascertain preferences and appoint chairmen.
Section 557 authorises the Tribunal to ascertain the wishes of creditors and contributories in winding up by accepting evidence, directing and prescribing the conduct of meetings of creditors or contributories, and appointing a chairman to report results. In ascertaining wishes the Tribunal must regard the value of each creditor's debt and the number of votes each contributory may cast.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
