Rule 41 - Procedure where creditors are entitled to object. - Company Court Rules, 1959

Procedure where creditors are entitled to object. [16] 41. Where the Court is of the opinion that the creditors or any class of them are entitled to object to the proposed alteration, the Court may give such directions as it may think fit with respect to the settlement of the list of creditors, service and publication of notices hearing of objections and the adjudication of claims, etc., and the provi sions of rules 49 to 61 of these rules applicable in respect of a petition for confirming the reduction of share capital, shall, if the Court so directs, and to the extent specified in such direction, apply with such variations as may be necessary. ---------------------------------- Notes:- [16] Powers of the Court have been conferred on the Company Law Board by the Companies (Amendment) Act, 1974, w.e.f. 1-2-1975.