Section 354 of Companies Act, 2013 – Meetings to ascertain wishes of creditors or contributories

SECTION 354. MEETINGS TO ASCERTAIN WISHES OF
CREDITORS OR CONTRIBUTORIES

[Effective from 15th December, 2016]

(1) In all matters relating to the winding up of a company, the Tribunal may—

(a)   have regard to the wishes of creditors or contributories of the company, as proved to it by any sufficient evidence;

(b)   if it thinks fit for the purpose of ascertaining those wishes, direct meetings of the creditors or contributories to be called, held and conducted in such manner as the Tribunal may direct; and

(c)   appoint a person to act as chairman of any such meeting and to report the result thereof to the Tribunal.

(2) While ascertaining the wishes of creditors under sub-section (1), regard shall be had to the value of each debt of the creditor.

(3) While ascertaining the wishes of contributories under sub-section (1), regard shall be had to the number of votes which may be cast by each contributory.