Section 367 — Application of section 356 to a creditors voluntary winding up

The provisions of section 356 shall apply in the case of a creditors voluntary
winding up as in the case of member’s voluntary winding up with the modification
that the powers of the liquidator under the said section shall not be exercised except

with the sanction of the Court.

368. Duty of liquidator to call meeting of company and of
creditors.−(1) The liquidator shall−

(a) summon and hold annual general meeting of the company and a
meeting of the creditors within a period of sixty days from the close
of its financial year in the manner provided under section 132;

(b) lay before the meetings mentioned in clause (a), audited accounts
consisting of statement of financial position and the receipt and
payment accounts, auditors’ report and the liquidator’s report on the
acts, dealings and the conduct of the company’s winding up during
the preceding period from the date of winding up; and

(c) forward by post to every contributory, a copy of the accounts and
the reports, as referred to in clause (b).

(2) A return of convening of each general meeting together with a copy
of the notice, accounts and th e reports as aforesaid, the list of contributories as on
the date of the meeting and the minutes of the meeting shall be filed by the
liquidator with the registrar within fifteen days of the date of the meeting.
(3) If the liquidator fails to comply with this section, he shall be liable
to a penalty of level 1 on the standard scale.