In exercise of powers conferred by Sections 643 (1) and (2) of the Companies Act, 1956 the Central Government has made the aforesaid Rules for holding the meetings of creditors and members of companies in connection with proceedings under Section 391 for compromise and arrangement, for all applications to the Court under the provisions of the Act, for holding and conducting meetings to ascertain the wishes of creditors and contributories etc.
These Rules provide the procedure for making applications to the Court and holding meetings of creditors and members in corporate restructuring.
