Banking Regulation Act, 1949

42. Power to dispense with meetings of creditors, etc.

Notwithstanding anything to the contrary contained in 205[section 460] of the Companies Act, 1956 (1 of 1956), the 203[High Court] may, in the proceedings for winding up a banking company, dispense with any meeting of creditors or contributories [* * *] if it considers that no object will be secured thereby sufficient to justify the delay and expense.