Section - 495 - Duty of liquidator to call creditors’ meeting in case of insolvency
Duty of liquidator to call creditors’ meeting in case of insolvency.495. (1) If, in the case of a winding up commenced after the commencement of this Act, the liquidator is at any time of opinion that the company will not be able to pay its debts in full within the period stated in the declaration under , or that period has expired without the debts having been paid in full, he shall forthwith summon a meeting of the creditors, and shall lay before the meeting a statement of the assets and liabilities of the company.(2) If the liquidator fails to comply with sub-section (1), he shall be punishable with fine which may extend to [five thousand] rupees.
Declaration of solvencyDeclaration of solvency in case of proposal to wind up voluntarily.488. (1) Where it is proposed to wind up a company voluntarily, its directors, or in case the company has more than two directors, the majority of the directors, may, at a meeting of the Board, make a declaration verified by an affidavit, to the effect that they have made a full inquiry into the affairs of the company, and that, having done so, they have formed the opinio .... To read the full section download the app from Google Play store
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