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of <h1>Section 321 on voluntary winding up omitted after IBC Section 255, affecting creditor arrangements and challenge rights</h1> Section 321 of the Companies Act, 2013, dealing with voluntary winding up, has been omitted pursuant to Section 255 read with the Eleventh Schedule of the Insolvency and Bankruptcy Code, 2016, with effect from 15-11-2016. Previously, it provided that any arrangement, other than that under Section 319, between a company about to be or in the course of winding up and its creditors would be binding on the company and creditors if approved by special resolution and creditors holding three-fourths in value of the debt. Creditors or contributories could challenge the arrangement before the Tribunal within three weeks.
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