Indian Bare Acts

The Companies Act, 1956

Title : The Companies Act, 1956

Year : 1956

Sec 495    -     Duty of liquidator to call creditors meetingin case of insolvency.

    (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 section 488, 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.


Last updated on May, 2015

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