Section 354 Meetings to ascertain wishes of creditors or contributories – Companies Act 2013

Amended and updated notes on section 354 of Companies Act 2013. Provisions and rules related to meetings to ascertain wishes of creditors or contributories.

Amended and updated notes on section 354 of Companies Act 2013. Detail discussion on provisions and rules related to meetings to ascertain wishes of creditors or contributories.

Chapter XX (Section 270365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 354 of CA 2013 provides for meetings to ascertain wishes of creditors or contributories.

Recently, we have discussed in detail section 353 (Liquidator to make returns, etc.) of CA 2013. Today, we learn the provisions of section 354 of the Companies Act 2013.

The provisions of section 354 are effective from 15th December, 2016. You may refer Notification No. S.O. 3677(E) issued dated 7-12-2016. In this article, you will learn detail of the provisions of section 354 the Companies Act 2013.

Name of ActThe Companies Act 2013
Enacted byParliament of India
Administered byMinistry of Corporate Affairs (MCA)
Number of Chapters29
Number of Sections484 (470-43+57)
Number of Schedules7
You are reading:
Chapter No.XX
Chapter NameWinding Up
Section No.354
Section NameMeetings to ascertain wishes of creditors or contributories
Monthly Updated EditionCompany Law PDF

Section 354 of Companies Act 2013: Meetings to ascertain wishes of creditors or contributories

Section 354 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.

(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 contributories under sub-section (1), regard shall be had to the number of votes which may be cast by each contributory.


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