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The Companies Act, 1956

Winding Up (Section 425 to 560)

Section 507 Application of section 494 to a creditors voluntary winding up.

Section 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 Tribunal or of the committee of inspection.