Section - 507 - Application of section 494 to a creditors’ voluntary winding up
Application of to a creditors’ voluntary winding up.507. The provisions of shall apply in the case of a creditors’ voluntary winding up as in the case of a members’ voluntary winding up, with the modification that the powers of the liquidator under that section shall not be exercised except with the sanction either of the [Tribunal] or of the committee of inspection.
Power of liquidator to accept shares, etc., as consideration for sale of property of company.494. (1) Where— (a) a company (in this section called "the transferor company") is proposed to be, or is in course of being, wound up altogether voluntarily; and (b) the whole or any part o .... To read the full section download the app from Google Play store
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