https://www.taxtmi.com/caselaws?id=96826 Creditors' voluntary winding up required compliance with the statutory procedure, including notice to creditors, advertisement, a statement of affairs and a creditors' meeting. Non-compliance attracted the statutory penalty, but the provisions did not expressly require the winding-up process already commenced to fail for that reason. In the absence of an express consequence, the proper course was to regularise the process by convening the creditors so they could consider the liquidator's appointment, any committee of inspection and other matters required by the scheme. The winding up was therefore not set aside, and further steps were kept in abeyance pending the creditors' meeting. en-us Mon, 06 May 1940 00:00:00 +0530 Wed, 11 Jan 2012 13:23:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96826 Creditors' voluntary winding up required compliance with the statutory procedure, including notice to creditors, advertisement, a statement of affairs and a creditors' meeting. Non-compliance attracted the statutory penalty, but the provisions did not expressly require the winding-up process already commenced to fail for that reason. In the absence of an express consequence, the proper course was to regularise the process by convening the creditors so they could consider the liquidator's appointment, any committee of inspection and other matters required by the scheme. The winding up was therefore not set aside, and further steps were kept in abeyance pending the creditors' meeting. Case-Laws Companies Law Mon, 06 May 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96826