Section 42. Power to dispense with meetings of creditors, etc

42. Power to dispense with meetings of creditors, etc .—Notwithstanding anything to the contrary contained in[1] [[2] [section 460] of the Companies Act, 1956 (1 of 1956)], the[3] [High Court] may, in the proceedings for winding up a banking company, dispense with any meetings of creditors or contributories[4] * if it considers that no object will be secured thereby sufficient to justify the delay and expense.