Amendment status not verified — confirm the current text below against the official source.
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.