The Indian Companies Act 1882, 6 of 1882, (Rep., Act 1 of 1956)

Section 140. Court may have regard to wishes of creditors or contributories

Repealed or not in force · As amended up to 2026-08

140. Court may have regard to wishes of creditors or contributories. Official Liquidators. 141. Appointment of official liquidator. 142. Resignations, removals, filling up vacancies and compensation. 143. Style and duties of official liquidator. 144. Power of official liquidator. 145. Discretion of official liquidator. 140. The Court may, as to all matters relating to the winding-up, have regard to the wishes of creditors or contributories as proved to it by any sufficient evidence, and may, if it thinks fit, direct meetings of the creditors or contributories to be summoned, held and conducted in such manner as the Court directs, for the purpose of ascertaining their wishes, and may appoint a person to act as chairman of any such meeting, and to report the result of such meeting to the Court. In the case of creditors, regard is to be had to the value of the debts due to each creditor, and, in the case of contributories, to the number of votes conferred on each contributory by the regulations of the Company. Official 1882.] Companies. Official Liquidators.

Source: India Code