law: Banking Regulation Act, 1949
  42. Power to dispense with meetings of
  
  creditors, etc.
  Notwithstanding anything to the contrary
  
  contained in 205[section 460] of the Companies Act, 1956 (1 of 1956), the
  
  203[High Court] may, in the proceedings for winding up a banking company,
  
  dispense with any meeting of creditors or contributories [* * *] if it
  
  considers that no object will be secured thereby sufficient to justify the
  
  delay and expense.