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of <h1>Section 306 Companies Act: how creditors' meetings controlled voluntary winding up before Insolvency and Bankruptcy Code changes</h1> Section 306 of the Companies Act, 2013, now omitted by the Insolvency and Bankruptcy Code, 2016, earlier regulated meetings of creditors in a voluntary winding up. When a company proposed a voluntary winding up resolution, it had to convene a creditors' meeting on the same or next day, sending notice by registered post. The board had to present a full statement of affairs, list of creditors, declaration under section 305, and claim estimates, and appoint a director to preside. If two-thirds in value of creditors approved voluntary winding up, it proceeded; if they preferred winding up by the Tribunal, the company had to apply within fourteen days. Resolution notices had to be filed with the Registrar within ten days, with fines and possible imprisonment for contraventions.
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