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Companies Act, 1956

Sec 507 - Application of section 494 to a creditors' voluntary winding up.

The provisions of section 494 shall apply in the case of a creditors' voluntary winding up as in the case of a members' voluntary winding up, with the modification that the powers of the liquidator under that section shall not be exercised except with the sanction either of the Court or of the committee of inspection.

Companies Act, 1956 Back

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