https://www.taxtmi.com/caselaws?id=96927 In a creditors' voluntary winding-up, failure to summon the creditors' meeting under section 209A(1) was treated as an irregularity and did not invalidate the extraordinary resolution or delay commencement of liquidation; the winding-up commenced when the resolution was passed. Money collected by an insurance company after it was statutorily barred from carrying on business did not become part of its assets where the receipts were traceable and had not merged with legitimate funds, so contributors could follow the money and recover it, subject to proper costs and charges. The analysis also noted that the Companies Act provision on assets did not protect money wrongfully received in breach of the insurance prohibition. en-us Thu, 12 Apr 1945 00:00:00 +0630 Fri, 13 Jan 2012 11:54:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96927 In a creditors' voluntary winding-up, failure to summon the creditors' meeting under section 209A(1) was treated as an irregularity and did not invalidate the extraordinary resolution or delay commencement of liquidation; the winding-up commenced when the resolution was passed. Money collected by an insurance company after it was statutorily barred from carrying on business did not become part of its assets where the receipts were traceable and had not merged with legitimate funds, so contributors could follow the money and recover it, subject to proper costs and charges. The analysis also noted that the Companies Act provision on assets did not protect money wrongfully received in breach of the insurance prohibition. Case-Laws Companies Law Thu, 12 Apr 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=96927