20.1.43- Companies (Winding Up) Rules, 2020

43. Meetings of advisory committee.- (1 )The advisory committee shall meet at such times as it may from time to time appoint and the Company Liquidator or one-third of the total number of members of the said committee may also call a meeting of that committee as and when they think necessary.

(2)The quorum for a meeting of the advisory committee shall be one-third of the total number of the members, or two, whichever is higher.

(3)The advisory committee may act by a majority of its members present at a meeting, but shall not act unless a quorum is present.

(4)A member of the advisory committee may resign by notice in writing signed by him and delivered to the Company Liquidator.

(5)If a member of the advisory committee is adjudged as an insolvent, or compounds or arranges with his creditors, or is absent from five consecutive meetings of the said committee without the leave of those members who, together with himself, represent the creditors or contributories, as the case may be, his office shall become vacant.

(6)A member of the advisory committee may be removed, subject to the directions of the Tribunal, at a meeting of creditors if he represents creditors, or at a meeting of contributories if he represents contributories, by an ordinary resolution of which seven days’ notice has been given, stating the object of the meeting.