Notified Date of Section: 7/12/2016
Effective Date: 15/12/2016
Advisory Committee
287. (1) The Tribunal may, while passing an order of winding up of a company, directthat there shall be, an advisory committee to advise the Company Liquidator and to report tothe Tribunal on such matters as the Tribunal may direct.
(2) The advisory committee appointed by the Tribunal shall consist of not more thantwelve members, being creditors and contributories of the company or such other persons insuch proportion as the Tribunal may, keeping in view the circumstances of the companyunder liquidation, direct.
(3) The Company Liquidator shall convene a meeting of creditors and contributories,as ascertained from the books and documents, of the company within thirty days from thedate of order of winding up for enabling the Tribunal to determine the persons who may bemembers of the advisory committee.
(4) The advisory committee shall have the right to inspect the books of account andother documents, assets and properties of the company under liquidation at a reasonabletime.
(5) The provisions relating to the convening of the meetings, the procedure to befollowed thereat and other matters relating to conduct of business by the advisory committeeshall be such as may be prescribed.
(6) The meeting of advisory committee shall be chaired by the Company Liquidator.