law: Companies Act, 2013 
  306.
  
    Meeting
  
  of creditors.
  1.      The company shall
  
  along with the calling of meeting of the company at which the resolution for
  
  the voluntary winding up is to be proposed, cause a meeting of its creditors
  
  either on the same day or on the next day and shall cause a notice of such
  
  meeting to be sent by registered post to the creditors with the notice of the
  
  meeting of the company under section 304.
  2.      The Board of
  
  Directors of the company shall—
  a.     
  
    cause
  
  to be presented a full statement of the position of the affairs of the company
  
  together with a list of creditors of the company, if any, copy of declaration
  
  under section 305 and the estimated amount of the claims before such meeting;
  
  and
  b.    
  
    appoint
  
  one of the directors to preside at the meeting.
  1.     
  2.     
  3.      Where two-thirds in
  
  value of creditors of the company are of the opinion that—
  a.     
  
    it
  
  is in the interest of all parties that the company be wound up voluntarily, the
  
  company shall be wound up voluntarily; or
  b.    
  
    the
  
  company may not be able to pay for its debts in full from the proceeds of
  
  assets sold in voluntary winding up and pass a resolution that it shall be in
  
  the interest of all parties if the company is wound up by the Tribunal in
  
  accordance with the provisions of Part I of this Chapter, the company shall
  
  within fourteen days thereafter file an application before the Tribunal.
  1.     
  2.     
  3.     
  4.      The notice of any
  
  resolution passed at a meeting of creditors in pursuance of this section shall
  
  be given by the company to the Registrar within ten days of the passing
  
  thereof.
  5.      If a company contravenes
  
  the provisions of this section, the company shall be punishable with fine which
  
  shall not be less than fifty thousand rupees but which may extend to two lakh
  
  rupees and the director of the company who is in default shall be punishable
  
  with imprisonment for a term which may extend to six months or with fine which
  
  shall not be less than fifty thousand rupees but which may extend to two lakh
  
  rupees, or with both.