Section 314: Court may ascertain wishes of creditors or contributories

314. Court may ascertain wishes of creditors or contributories.—(1) In all matters relating to the winding up of a company, the Court may– (a) have regard to the wishes of creditors or contributories of the company, as proved to it by any sufficient evidence in a manner as provided under this Act; (b) if it thinks fit for the purpose of ascertaining their wishes, order meetings of the creditors or contributories to be called, held and conducted in such manner as may be directed; and (c) appoint a person to act as chairman of any such meeting and to submit a report in this regard. (2) While ascertaining the wishes of creditors or contributories under sub-section (1), regard shall be had to the value of each debt of the creditor or the voting power exercised by each contributory, as the case may be.

Effective date: 2017-05-30

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