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The Companies Act, 2013

Chapter XIX - Revival And Rehabilitation of Sick Companies (253-269)

Section 257- Committee of creditors.

[Section 257 omitted w.e.f.15.11.2016 vide Notification dated 28.05.2016 (Insolvency and Bankruptcy Code, 2016) read with MCA Notification S.O.3453(E) dated 15.11.2016 effective from 15.11.2016]

Section 257- Committee of creditors[New Provision]


Prior to Omission Section 257 read as under:

Section 257- Committee of creditors. [New Provision]

(1) The interim administrator shall appoint a committee of creditors with such number of members as he may determine, but not exceeding seven, and as far as possible a representative each of every class of creditors should be represented in that committee.

(2) The holding of the meeting of the committee of creditors and the procedure to be followed at such meetings, including the appointment of its Chairman, shall be decided by the interim administrator.

(3) The interim administrator may direct any promoter, director or any key managerial personnel to attend any meeting of the committee of creditors and to furnish such information as may be considered necessary by the interim administrator.