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

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