Section 354 — Meetings to ascertain wishes of creditors or contributories

(1) In all matters relating to the
winding up of a company, the Tribunal may—

(a) have regard to the wishes of creditors or contributories of the company, as proved to it by any
sufficient evidence;
(b) if it thinks fit for the purpose of ascertaining those wishes, direct meetings of the creditors or
contributories to be called, held and conducted in such manner as the Tribunal may direct; and
(c) appoint a person to act as chairman of any such meeting and to report the result thereof to the
Tribunal.
(2) While ascertaining the wishes of creditors under sub-section (1), regard shall be had to the value of
each debt of the creditor.
(3) While ascertaining the wishes of co ntributories under sub -section (1), regard shall be had to the

Related sections

Section 273 — Powers of Tribunal
Section 274 — Directions for filing statement of affairs
Section 275 — Company Liquidators and their appointments
Section 276 — Removal and replacement of liquidator
Section 277 — Intimation to Company Liquidator, provisional liquidator and Registrar
Section 278 — Effect of winding up order
Section 279 — Stay of suits, etc., on winding up order
Section 281 — Submission of report by Company Liquidator
Section 282 — Directions of Tribunal on report of Company Liquidator
Section 283 — Custody of company’s properties
Section 284 — Promoters , directors, etc., to cooperate with Company Liquidator
Section 285 — Settlement of list of contributories and application of assets
Section 286 — Obligations of directors and managers
Section 287 — Advisory committee
Section 288 — Submission of periodical reports to Tribunal
Section 289 — [Power of Tribunal on application for stay of winding up .] Omitted by the Insolvency and
Section 290 — Powers and duties of Company Liquidator
Section 291 — Provision for professional assistance to Company Liquidator
Section 292 — Exercise and control of Company Liquidator’s powers
Section 293 — Books to be kept by Company Liquidator
Section 294 — Audit of Company Liquidator’s accounts
Section 295 — Payment of debts by contributory and extent of set -off
Section 296 — Power of Tribunal to make calls
Section 297 — Adjustment of rights of contributories
Section 298 — Power to order costs
Section 299 — Power to summon persons suspected of having property of company, etc
Section 300 — Power to order examination of promoters, directors, etc
Section 301 — Arrest of person trying to leave India or abscond
Section 302 — Dissolution of company by Tribunal
Section 303 — Appeals from orders made before commencement of Act
Section 320 — [Distribution of property of company .] Omitted by s . 255 and the Eleventh Schedule, ibid
Section 321 — [ Arrangement when binding on company and creditors .] Omitted by the Insolvency and
Section 322 — [Power to apply to Tribunal to have questions determined, etc.] Omitted by s. 255 and the Eleventh
Section 324 — Debts of all descriptions to be admitted to proof
Section 327 — Preferential payments
Section 328 — Fraudulent preference
Section 330 — Certain transfers to be void
Section 331 — Liabilities and rights of certain persons fraudulently preferred
Section 332 — Effect of floating charge
Section 333 — Disclaimer of onerous property
Section 335 — Certain attachments, executions, etc., in winding up by Tribunal to be void
Section 336 — Offences by officers of companies in liquidation
Section 337 — Penalty for frauds by officers
Section 338 — Liability where proper accounts not kept
Section 339 — Liability for fraudulent conduct of business
Section 340 — Power of Tribunal to assess damages against delinquent directors, etc
Section 341 — Liability under sections 339 and 340 to extend to partners or directors in firms or
Section 342 — Prosecution of delinquent officers and members of company
Section 343 — Company Liquidator to exercise certain powers subject to sanction
Section 344 — Statement that company is in liquidation
Section 345 — Books and papers of company to be evidence
Section 346 — Inspection of bo oks and papers by creditors and contributories
Section 347 — Disposal of books and papers of company
Section 348 — Information as to pending liquidations
Section 349 — Official Liquidator to make payments into public account of India
Section 350 — Company Liquidator to deposit monies into scheduled bank
Section 351 — Liquidator not to deposit monies into private banking account
Section 352 — Company Liquidation Dividend and Undistributed Assets Account
Section 353 — Liquidator to make returns, etc
Section 355 — Court, tribunal or person, etc., before whom affidavit may be sworn
Section 356 — Powers of Tribunal to declare dissolution of company void
Section 358 — Exclusion of certain time in computing period of limitation
Section 359 — Appointment of Official Liquidator
Section 360 — Powers and functions of Official Liquidator
Section 361 — Summary procedure for liquidation
Section 362 — Sale of assets and recovery of debts due to company
Section 363 — Settlement of claims of creditors by Official Liquidator
Section 364 — Appeal by creditor
Section 365 — Order of dissolution of company