Section - 474 - Power to exclude creditors not proving in time
Power to exclude creditors not proving in time.474. The [Tribunal] may fix a time or times within which creditors are to prove their debts or claims, or to be excluded from the benefit of any distribution made before those debts or claims are proved.
22. Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. Prior to substitution, section 472 read as under : "472. Moneys and securities paid into bank to be subject to order of Court.—All moneys, bills, hundis, notes and other securities paid or delivered into the Reserve Bank of India in the course of the winding up of a company by the Court, shall be subject in all respects to the orders of the Court."
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