The Banking Regulation Act, 1949
Section 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.
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