Banking Regulation Act : Power to dispense with meetings of creditors, etc. Indian Bare Acts :

Banking Regulation Act,1949

Act No : 10

Section : Power to dispense with meetings of creditors, etc.

42. Power to dispense with meetings of creditors, etc.- Notwithstanding anything to the contrary contained in 1*[2*[section 460] of the Companies Act, 1956 (1 of 1956)] the 3*[High Court] may, in the proceedings for winding up a banking company, dispense with any meetings of creditors or contributories 4*** if it considers that no object will be secured thereby sufficient to justify the delay and expense.