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Section 21
Meeting of creditors to be convened
: (1) In order to understand the views of the creditors of such company regarding the future plans of the company in bankruptcy, the investigating officer shall call a meeting of such creditors to discuss the matter before submitting his report to the court and in such a meeting, each person appearing as a creditor of the company from the accounts and other records of the company. The person will also have to be called.
(2) The meeting place, date, time and subject to be discussed shall be notified to every person who is considered as a creditor according to sub-section (1) at least seven days and the notice of the meeting shall be published at least twice in the national level daily newspaper.
(3) When giving notice in accordance with sub-section (2), it may be given by written letter, telex, telefax, email or any other electronic means of communication that can be recorded.
(4) If any person other than those mentioned in sub-section (1) shows any claim against the company as a creditor, the investigating officer may demand the proof and detailed description of the claim against the company.
(5) The investigating officer may cancel the claim of the person who is unable to provide the evidence or details as per sub-section (4) and if the claim is cancelled, such person may not attend the creditors' meeting. But a person will not be considered a creditor of the company just because he participated in the meeting of creditors.
(6) The creditor's meeting will be presided over by the investigating officer.
(7) The decision of the meeting of creditors shall be by simple majority. If the votes are equal, it will be determined by the round system. The investigating officer may determine the method of voting by maintaining the voting rights of the creditors in proportion to the claims submitted on the debts payable or payable by the company.
(8) Officers invited by the director of the company or the investigating officer may participate in the creditors' meeting. But they will not be allowed to participate in the voting.
(9) No question can be raised in any court regarding the creditor's meeting and the work done by it, except when the concerned person makes a petition to the court showing the reasons and grounds for injustice in the creditors' meeting.
(2) The meeting place, date, time and subject to be discussed shall be notified to every person who is considered as a creditor according to sub-section (1) at least seven days and the notice of the meeting shall be published at least twice in the national level daily newspaper.
(3) When giving notice in accordance with sub-section (2), it may be given by written letter, telex, telefax, email or any other electronic means of communication that can be recorded.
(4) If any person other than those mentioned in sub-section (1) shows any claim against the company as a creditor, the investigating officer may demand the proof and detailed description of the claim against the company.
(5) The investigating officer may cancel the claim of the person who is unable to provide the evidence or details as per sub-section (4) and if the claim is cancelled, such person may not attend the creditors' meeting. But a person will not be considered a creditor of the company just because he participated in the meeting of creditors.
(6) The creditor's meeting will be presided over by the investigating officer.
(7) The decision of the meeting of creditors shall be by simple majority. If the votes are equal, it will be determined by the round system. The investigating officer may determine the method of voting by maintaining the voting rights of the creditors in proportion to the claims submitted on the debts payable or payable by the company.
(8) Officers invited by the director of the company or the investigating officer may participate in the creditors' meeting. But they will not be allowed to participate in the voting.
(9) No question can be raised in any court regarding the creditor's meeting and the work done by it, except when the concerned person makes a petition to the court showing the reasons and grounds for injustice in the creditors' meeting.