Section 507 - Application of section 494 to a creditors voluntary winding up. - Companies Act, 1956

Application of section 494 to a creditors voluntary winding up. 507. 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 [1] [Tribunal] or of the committee of inspection. --------------------------------- Notes:- [1] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified.